Search Results for "kentucky"

Kentucky pensions: From worst to ‘worster’…

Things just keep getting uglier for what may be the country’s worst-run state government pension system (and that’s saying a lot). In the wake of an unprecedented bankruptcy court ruling last Friday that a nonprofit could exit the state’s government worker pension system, the pension system now faces a revolt led by the city…

“A culture of cover-up and corruption”: A Public Sector Inc. Q&A about Kentucky Fried Pensions

 
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Purple reversion? Three questions about the 2014 elections and federalism

The rise of one-party statehouse rule was widely documented following the 2012 election cycle. After the 2000 elections, only 21 states were under the sole control of Democrats or Republicans. Now 37 are.
The cause of this development was states catching up with national political trends. Mississippi …

Debt servants: how sustainable are states’ legacy costs?

A recent report by JP Morgan’s Michael Cembalest provides a fresh look at the problem of state indebtedness. Cembalest, global head of investment strategy, is best known for his writings on housing and for flagging Bernard Madoff’s fund and refusing to invest in it, even …

Bloomberg’s cheap shot at Christie on pensions

I generally try to remain agnostic about whether the media politically lean one way or another, and whether the press has it out for certain politicians or not. Still, a piece that ran on Bloomberg today entitled “Pension Promise Broken by Christie Affirmed Across U.S.” is so misleading that I assume the reporter who wrote it either understands little about what states and municipalities are (and aren’t) doing about pensions,or simply wanted to publish a cheap shot at Christie, who deserves criticism but is hardly alone in coming up short…

Ky. bankruptcy roils state’s underfunded pension system

While much of the attention in federal bankruptcy court is on the Detroit case, the Chapter 11 filing of an obscure Kentucky social services organization represents a threat to the already severely underfunded Kentucky state pension system. Seven Counties Services, a mental health center employing some 1,400 workers, filed for bankruptcy claiming it couldn’t pay the costs of Kentucky’s mismanaged pension system….

Sooner state pensions: underfunded, unreformed

In policy debates, it is sometimes feared that nothing can be more fatal to true reform than phony reform, because politicians are less interested in results than the perception of results. But if this is so, pension reform should be a dead issue by now, …

How significant will Detroit be for public pension policy?

Cross-posted at publicceo.com.
Significant, but perhaps less so than developments in Illinois and California. Nothing that happens in federal bankruptcy court can change the fact that pension reform is mostly a matter of state law.
In addition to being the largest municipal bankruptcy in US history, Detroit …

Four pension myths

Public awareness of state and local governments’ pension struggles is now at an all-time high, thanks to increased media attention in recent years. Though generally a welcome development, there are downsides, as not all pension coverage has hit the mark.
Recent news coverage and reports have served more to misinform …

Ky. nonprofit goes bankrupt with public pensions

A mental health agency in Kentucky that participates in the state’s public employee pension plan is filing for bankruptcy after the state legislature passed pension reforms that would dramatically increase contributions into Kentucky’s severely underfunded pension system. Seven Counties Services, a nonprofit, is shutting down …