New Report Exposes Pension Lies

Yep, the only thing Gov. Craven Heartless Worm's pension deform will do is bankrupt the Commonwealth while enriching his Wall Street buddies.

 

John Cheves at the Herald:

Sweeping changes recommended for Kentucky’s public pension systems would cost taxpayers and public employees more money while making public employment far less attractive to future generations, according to a report released Monday.

In the report, Colorado-based consultant Pension Trustee Advisors said ideas put forward by Republican Gov. Matt Bevin’s advisers at the PFM Group in August would only worsen Kentucky’s pension mess. Specifically, PTA said, Kentucky should not switch from a defined-benefits pension for state employees and school teachers to a defined-contribution 401(k) account that might run dry while many of them are still alive.

“Under the proposed analysis, which is based on optimistic returns, well over half of the individuals will run out of money,” William “Flick” Fornia, an actuary who founded PTA in 2010, wrote in the report.

PTA was hired to examine the PFM Group’s recommendations by two groups critical of those proposals, the Kentucky Public Pension Coalition and the Kentucky Retired Teachers Association.

Although the Bevin administration paid the PFM Group nearly $1.2 million for its advice, Republican lawmakers meeting privately with Bevin to draw up a bill for a special legislative session on pensions have said that not everything the PFM Group suggested will be included.

A spokesperson for Bevin did not respond Monday to a request for comment about the report by Pension Trustee Advisors.

Of course not.  The motherfucker has been exposed.  Now the question is whether the repugs running the General Assembly have the guts to tell him to fuck off and die.