Insider Louisville: What the Pension crisis will mean to Kentuckians
by Terry Boyd
Public pension whistleblower Chris Tobe has already written the campaign speech for the next governor, no matter what party he or she is from:
"I’m going to raise taxes more than any governor in Kentucky history. I’m going to cut education more than any governor in Kentucky history. And all this is for a pension problem we’ve been lying to you about for the past 10 years."
Kentucky’s public employee pension fund crisis dates back to 2002 when Gov. Paul Patton – with the complicity of the General Assembly – began diverting the money required to fund the pensions – called actuarially required contributions – for the general fund in order not to raise taxes.
For more than a decade, Kentucky governors and legislators have shortchanged
ARCs by about $900 million per year, or about half the total needed to fully
fund pensions. “If you don’t pay half the mortgage on your house, you can’t be
surprised when you get foreclosed,” Tobe said.
To read the full article, use the link below.
Public pension whistleblower Chris Tobe has already written the campaign speech for the next governor, no matter what party he or she is from:
"I’m going to raise taxes more than any governor in Kentucky history. I’m going to cut education more than any governor in Kentucky history. And all this is for a pension problem we’ve been lying to you about for the past 10 years."
Kentucky’s public employee pension fund crisis dates back to 2002 when Gov. Paul Patton – with the complicity of the General Assembly – began diverting the money required to fund the pensions – called actuarially required contributions – for the general fund in order not to raise taxes.
For more than a decade, Kentucky governors and legislators have shortchanged
ARCs by about $900 million per year, or about half the total needed to fully
fund pensions. “If you don’t pay half the mortgage on your house, you can’t be
surprised when you get foreclosed,” Tobe said.
To read the full article, use the link below.