Regarding Kentucky's troubled employee pension program, I believe, now that Gov. Bevin is trying to again assemble a special session, I, as a former health insurance agent, need to voice my solution to fix it, a solution I have proposed to my Frankfort legislators.
I believe Kentucky should follow the proven lead of private industry over many years and replace the disastrous and unworkable defined-benefit pension plan we have now with a defined-contribution plan. This can be done by mandating the resulting new pension plan for all new employees while allowing current employees the option of remaining on the present plan or going on to the new plan.
It is beyond me why, with a Republican governor, a Republican House of Representatives and a Republican Senate, this cannot be pushed into law. If it is for fear of the apparently uneducated-in-economics teachers and their irresponsible, self-serving union, then I can only believe the legislators are shirking their duty out of fear of not being re-elected.
If a concerted effort is made between now and election time to make the case for the wisdom of what has already been proven beneficial for all concerned in the private sector, I believe the electorate will applaud the courage and wisdom of our current legislators.
Kentucky government owes this to voters. On the other hand, if current legislators do not solve this festering problem, voters may well turn them out in the 2020 elections in favor of new, more knowledgeable and more responsive candidates who will get the job done.
We certainly don't want to wind up in the untenable situation that Illinois is in.