On pension reform, don’t freak over the first proposals

Mark White is Editor of The News Journal.

In 2014, the Green Bay Packers started off the season losing two out of their first three games. The fans were starting to panic.

Quarterback Aaron Rodgers famously had a simple answer for the panicking fans, “R-E-L-A-X. We’re going to be OK.”

The packers went on to win 11 out of their next 13 games.

Monday afternoon, PFM Group, a consulting firm, presented its report to the Kentucky Public Pension Oversight Board noting that Kentucky’s public pension system is underfunded by $37 billion to $85 billion.

PFM Group made a number of recommendations, such as eliminating cost of living increases given to state retirees between 1996 – 2012, which could roll back the benefits for retirees by as much as 25 percent or more.