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Legislation to put Kentucky’s pension systems on a stronger trajectory passed the General Assembly last week. This measure puts the retirement of our teachers, law enforcement, and state workers on sounder footing, and is based heavily off of the input and concerns of these valued public servants. With an unfunded liability for our pension systems of at least $40 billion, it was imperative that action be taken this year.

“Inadequate funding” is a popular claim often repeated by defenders of the status quo regarding Kentucky’s $65 billion public-pension crisis. However, facts assign a much-larger role to the failure of the retirement systems’ benefit structures to protect the commonwealth against risks and costs of crushing liabilities.