Thursday, February 28, 2008

Pension fix

Today we passed HB 600, a step in the direction of digging out of the pension hole we are in. In case you did not know, the state of Kentucky has a deficit in our pension system of $26 billion.

No, that is not a misprint.

So we took a step forward in eliminating some of that. Mostly, it changed benefits for future employees. Currently we have either the most generous or second most generous retirement system in the country, depending on who you listen to. Either way, we can't afford it.

This is not a perfect bill. No 200 page bill will be perfect. We could have gone farther in some things and that would be fine with me. But to make as many changes as we did, to get the unanimous support it did, was a great accomplishment for all involved.