Louisville Metro Council President Jim King woke up and finally decided to call for a divorce of CERS from Kentucky Retirement Systems:
As president of the Metro Council, I have watched our city budget suffer due to exponentially increasing local pension costs that are dictated to us by our state legislators. But, unlike the state, our city annually budgets and pays every dollar billed to us by the Frankfort-based County Employee Retirement System (CERS). This has resulted in a city/county plan that is on a much stronger fiscal footing than the state’s plan and has led the CERS to become a source of strength for the KERS. I believe this unfairly shifts administrative and other costs to our cities and counties from the state plan and puts at risk the benefits to which our city/county employees are entitled. Any solution for solving the pension crisis should include separating or otherwise protecting the participants of CERS from the dangerously underfunded KERS.
Will anyone else have the guts to speak out about it?