Public pension transparency legislation finally lands in Frankfort

Legislation filed by Sen. Chris McDaniel, R-Taylor Mill, requires the state’s public pension systems to finally open their books.

Currently, information specific to individual Kentucky Retirement System members, including names and actual or projected payments, are confidential. The proposed policy in SB 57 would require the public pension information to be transparent and eventually made available in an online, searchable database.

The Bluegrass Institute has been championing the idea of transparency in the public pension system for years.

It is no secret that Kentucky’s unfunded public pension liability – currently at $34.5 billion – is breaking the state. A transparent pension system would allow for accountability by exposing double- and triple-dipping legislators and members of the Kentucky Education Association and other private entities who are taking advantage of hard-earned taxpayer money.

We began releasing a series of reports in September 2011 that exposed how corrupt, underfunded, and opaque the retirement system is in Kentucky. The introduction of this legislation is a testament to the fact that our message for a transparent Kentucky government is not only being heard – but also acted upon.

Do you want to take action on this issue? Call your legislator and tell them: “Taxpayers deserve a transparent pension system.” Call 800-372-7181 and the message will be delivered to your representative and senator.