Pay Attention to Your Pension!
That’s our advice as the legislative session continues in Frankfort. While Governor Bevin presented a budget proposal pumping desperately needed money into the Kentucky Teacher Retirement System and the Kentucky Employees Retirement System, many lawmakers are already saying that it’s at the expense of other organizations. All that means is that proposals will crop up that slash the cash to prop up pensions.
Due to that, it’s critical for all educators to pay attention and stay updated and active when it comes to demanding the state meet its obligations to provide a secure retirement for all state employees.
Other issues on the horizon include:
- Four legislative seats are up for special election in early March, which could shift the balance of power in the Senate. Whether that shift is in favor of educators remains to be seen.
- The governor and lawmakers keep mentioning pension reform. In other states, that reform has come at the expense of teachers and other state employees. States such as Illinois, Rhode Island, California, and Pennsylvania are just some that have — or are –currently telling teachers that they must bear the brunt of the states’ failure to fund the retirement systems.
Keep in mind that Kentucky teachers already contribute over 12% of their own paychecks toward retirement and have NEVER missed full funding of those payments. We also DO NOT receive Social Security benefits. Whatever Social Security teachers have paid in through other jobs (if it’s enough to vest) or should receive through their spouses will be drastically reduced (20% or less) upon retirement. There is no fallback for educators unless they’ve paid into a personal 457 plan, annuity, etc.
Please let your legislators know that you expect them to Fund the ARC – call, email, tweet – just make sure they know you are paying attention to your pension!
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