Kentucky public employee retirements surge as fears of pension collapse mount

[Peter1469]

Kentucky public employee retirements surge as fears of pension collapse mount (http://www.zerohedge.com/news/2017-09-05/kentucky-public-employee-retirements-surge-fears-pension-collapse-mount)

Several cities and states have seriously underfunded pension plans. Lots of retirees are going to be hurt badly when the checks are a lot lower than they planned for.


Slowly but surely it is becoming increasingly clear to public workers in states with massively underfunded pensions that they've been lied to for the past several decades as their states can't possibly afford to pay for the retirement they've all been promised. As a local radio station in Bowling Green (http://wkyufm.org/post/proposed-pension-changes-bring-fears-state-worker-exodus#stream/0) points out today, fears over potential pension changes in Kentucky have resulted in a surge of early retirements as workers move to lock in payouts before any potential cuts go into effect.

[Crepitus]

Won't work, they will cut the payouts and screw them over anyway.

[Common]

Unfortunately its republicans that screw public workers. Like in NJ Christie blatantly outright lied not only to all public workers but to republicans and democrats. He wanted to reduce the pensions, increase the age to retire, increase employee deductions to make it over 50% employee and 50% state and make employees pay a large amount for their health plan and do away with Cola

He did not have the votes, he had not funded the states portion of the pension. To get the votes he promised that as soon as it passed he would make a large pension contribution and make one yearly.

He got everything he wanted and then didnt make the payment, he was called on it and he said he lied and he has not made a payment into the pension for his entire 8 yrs as Gov.

There will not be a republican gov in jersey for 20 yrs or more.

[Peter1469]

It is clear that in many of these states unfunded pension plans is bipartisan.

Probably because the promises could not possibly be kept.