WHAT’S AT STAKE AND WHAT DO YOU NEED TO DO? We need to start thinking about the upcoming legislative session coming in January. The past session was a humiliating defeat for those of us who support retirement security for public employees. If there was a bright spot, it was that the General Assembly vowed to begin providing the full required employer contribution for the KERS fund. Why is this important? Because the KERS non-hazardous fund covering most state employees is a market crash away from insolvency. It’s that stark. The full ARC would provide a cushion to allow the fund to gradually rebound. If the full employer contribution is paid, instead of bottoming out with a funding ratio of around 8 or 9 percent, the pension fund would bottom out in the high teens before starting to rise in a couple of years. We need that cushion desperately. If you are a state employee or retiree, you have a stake in this matter. Insolvency would create fiscal chaos for the state; who knows what the consequences would be for state operations? You need to convince your coworkers and fellow retirees of the urgency of this matter. Invite them here to this Facebook page to get more facts and become engaged. In the coming days and weeks, we’ll be providing verifiable information and making tangible recommendations for direct action.
Posted on: Sat, 21 Sep 2013 13:51:55 +0000
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