This story was reported by WLKY and is reprinted here with permission.
The leaders of Kentucky’s state Senate and House of Representatives have appointed six people to a committee studying solutions for the state’s troubled retirement system for public school teachers.
Republican state Senate President Robert Stivers chose Republican Sens. Damon Thayer of Georgetown and Joe Bowen of Owensboro along with Democratic Sen. Morgan McGarvey of Louisville. Democratic House Speaker Greg Stumbo chose himself along with Democratic state Rep. Derrick Graham of Frankfort and Republican state Rep. Jeff Hoover of Jamestown.
The Kentucky Teachers’ Retirement System has more than 75,000 active members along with 45,000 retired members. As of 2014 it has an unfunded liability of $14 billion. In 2000, the unfunded liability was $571 million.
House Democrats proposed borrowing $3.3 billion to help bail out the system. But Senate Republicans objected to going into more debt.
For more background, check out Insider Louisville’s previous coverage of the teacher pension crisis: