Kentucky business leaders tell lawmakers to dump teachers defined-benefits pensions

[TexasTowelie]

Some of Kentucky’s wealthiest business leaders and best-connected Republican activists sent a letter to state legislators Friday warning that school teachers and other public employees are getting too sweet a deal on their pensions.

The one-page letter, apparently emailed to all members of the General Assembly, said any pension changes made during the 2018 legislative session must include “moving all future employees from a defined-benefits system to a defined-contribution system.”

Any pension bill that does not cut this benefit “willfully ignores the inherent structure problems at the heart of the crisis” and “is a disservice to the people of Kentucky,” the letter said.

Republican Gov. Matt Bevin likewise called for a switch to 401(k)-style accounts in a proposal he unveiled with GOP legislative leaders last October. But rank-and-file lawmakers rejected Bevin’s plan after facing protests from teachers in their home districts. So far, with the 60-workday legislative session nearly half over, legislative leaders say they are not yet ready to file a pension bill of their own.

Read more here: http://www.kentucky.com/news/politics-government/article199570769.html

[Cattledog]

1. I guess putting yourself in the path of a bullet doesn't deserve a pension.

[Sherman A1]

2. We need to do just the opposite and

strengthen pension plans both private and public sector. It's sad that these calling for this cut fail to understand the long term benefits of providing secure retirements for people to not only the individuals but society as well.

[Cracklin Charlie]

4. Agree.

Eff these effers.

[Freedomofspeech]

3. Oh, those darn school teachers are ruining the economy.

They make so much money...let's just screw them. Thank you, GOP. This attitude about our educators is just one more reason this country is so screwed.

[appalachiablue]

5. 'What's the 4-letter word employers said was the best way to screw over

employees, years back?- 401K' - David Cay Johnston, investigative journalist, Pulitzer Prize winner; tax and economics specialist.