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State Capitol

Central Kentucky Lawmakers Differ On Pension Action


Kentucky lawmakers have significantly different ideas on how to address pension reforms for regional universities and quasi-government agencies.  Republican representative Stan Lee of Lexington said most GOP members in both houses of the general assembly back the governor’s plan.  But, he admitted it’s a highly charged, political issue. 

Lee said freezing rates for these organizations alone is not fiscally responsible. “I’m for doing a proposal that would keep them from having to go to the new higher rates for a period of time, provided that some reforms come with that.  It’s just not fair to the taxpayers,” said Lee.

But Versailles Democrat Joe Graviss said freezing quasi agency rates IS appropriate. Graviss disputes the notion that freezing rates would amount to, ‘kicking the can down the road.’  He said there’s no can to kick. He believes stability can come with appropriate state support.

“When you have the quasi’s at  49% and the rest of the state at 83, it’s cash flowing.  And so, we should just ride that horse as long as we can and continue to fund the ARC.”

The ARC is the state’s commitment to the actuarially recommended contribution.

The Woodford County legislator is convinced when fully funded, the state contribution is enough and the retirement systems will stabilize over time. 

Lee suspects a special legislative session may not occur until June

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