Public pension secrecy is fine BUT there is a catch

20130114 Make Public Pensions Transparent

If the Kentucky state government wants to operate a secret, non-transparent public pension system, then by all means, it should.

The catch is that the state absolutely should not use taxpayer dollars to do it.

Currently, the state’s pension system is as transparent as a brick wall. In fact, state law goes as far as specifically excluding any information about the pension system accounts from being accessed by the Kentucky Open Records Act (KRS 61.661.)

The problem is that taxpayers are cut off from how their hard-earned money is allocated. I think that all Kentucky taxpayers would be especially interested in the sizable pensions that part-time legislators are collecting.

We should do all we can to help Frankfort achieve and maintain their goal of operating in secrecy by moving to a defined contribution pension plan and away from a defined benefit plan. This would remove taxpayer money from the equation.

Until that happens, the books must be opened on the Kentucky Retirement System so that accountability can thrive.