Due in large part to the activism of KEA active and retired members, the KTRS pension system received a much-needed infusion of cash in this year’s budget from the Legislative Assembly. KTRS will receive $973M towards the unfunded Annual Required Contribution (ARC).
Other pension-related items were:
- House Bill 271, which requires all state retirement systems to report information on their members or members’ beneficiaries to the state Public Pension Oversight Board each fiscal year.
- House Bill 238, a bill that creates a “permanent fund” for public pensions funded in the Executive Branch budget bill, or HB 303. It also requires an actuarial audit every five years to be conducted on the state retirement systems.
While we are pleased to see a commitment made to addressing pension funding, there’s still a long way to go before the system is secure. It is imperative that all of us continue to stay alert, stand firm, and speak up about our retirement security. Since most Kentucky educators receive little to no Social Security, it is vital the state honor the promises made at the start of our careers.
To illustrate the importance of speaking up and standing firm … during the General Assembly, one legislator said that he had stacks and stacks of phone messages and emails — all from teachers — and that didn’t even count the phone calls that couldn’t get through because voicemail and inbox were full.
We must all stay alert over the next year. Among the issues that will crop back up or surge into prominence include pension security, charter schools, standardized testing, and student and teacher safety. Just keep educating yourself on these topics by following FCEA’s social media accounts.
We must all stand together!