Bevin: Many Hard Choices Remain in Pension Crisis
By Bill Hughes
PADUCAH - Governor Matt Bevin still contends there are enough votes to pass his bill to help quasi-government agencies, but that's just the first of many hard choices that must be made in solving the pension crisis.

In a radio interview on NewsTalk 94.3 WKYX Tuesday, Bevin said the issue for this bill is more about whether lawmakers will show up and do their jobs. He repeated that his bill is only a small part of a much bigger solution that is necessary to ensure benefits for state workers, because the problem is not going away for years. 

Bevin said, "We still have a massive, massive unfunded liability in Kentucky. The odds of the systems failing is still very, very, very high, and so this is the smallest bite of an apple that still is yet to be consumed."

He said it's a difficult problem and the investment terms can be hard to understand, but the task must be done. 

Painting a picture of the tough road ahead, Bevin added, "Never in the history of the world has there been such a plan - that is as poorly funded as ours currently is - that did not fail. So we're not trying to do something that somebody did somewhere else, and replicate what they did and save the system, we're trying to do something that has never been done in the history of the world." 

On its current trajectory, Bevin said nobody who expects a check beyond 10-15 years from now will get one. In some plans, he said it may be only 2-3 years before checks stop coming due to lack of funds. 

He said some folks want to blame him as the messenger, but the problem has been building for over 20 years because previous governors and legislators disregarded the obligation to pay into the system. 

Bevin said since legislators are now beginning to see the scope of the problem, they must begin to make hard changes, or the system will fail. 

"It's the old proverb that the longest journey begins with a single step. There's a lot of wisdom in that," he said. 

Listen to the entire interview by clicking on the link below

On the Net:

Gov. Bevin on the Greg Dunker Show, NewsTalk 94.3 WKYX

Published 02:08 AM, Wednesday Jul. 10, 2019
Updated 09:25 PM, Wednesday Jul. 10, 2019

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