Basic Issues About Your Pension
The following was recently sent from Dr. Bob Wagoner, Executive Director of the Kentucky Teachers Retired Association (KTRA), to all local presidents. Read this carefully for it will directly affect your pension. The message concerns the 2017 General Assembly.
KTRA works diligently to ensure the needs of retired teachers are met. Your HELP IS NEEDED! Since the general election is over and the results are known, EKURA members need to know how their Representative and Senator (new and returning) will respond in addressing our needs in the 2017 General Assembly.
It is vital that every EKURA member know their Representative and Senator’s answers to these three (3) questions:
- Will you support the Annual Required Contribution (ARC) until the Teachers’ Retirement System of Kentucky (TRS) is fully funded? How would you do this?
- Will you support keeping TRS as a Defined Benefit Group Retirement Plan or do you favor changing TRS to a Defined Contribution Individual Savings Account (e.g. 401k)?
- Will you support making NO CHANGES to TRS governance structure or do you favor adding 6+ Governor appointees to the TRS Board of Trustees? Why?
As you and fellow EKURA members work to preserve TRS, you need to make sure your Representative and Senator understand these basic points:
- Approximately 49,500 retired teachers, beneficiaries, and survivors receive annuity payments each month. Over 92% of these recipients live in Kentucky.
- Over $1.97 billion in annuity payments are distributed yearly providing a significant positive impact on all of Kentucky’s local communities economies. Historically, approximately seventy (70) percent of the retirement allowance distributed annually comes from TRS’ investment earnings.
When 2017 arrives, many new legislators will begin their service at the Kentucky Capitol and be faced with an influx of issues, advocacy groups, and lobbyists all vying for their attention. KTRA and its members must continue the process of educating our political leaders NOW, before the 2017 General Assembly begins. Once the legislative session begins these are the people who will be making the decisions about your pension plan. They need to hear from you—their constituents about what matters to you and why. Most Madison County EKURA members’ new representative is Wesley Morgan in Richmond and returning Senator Jared Carpenter in Berea. Please contact these persons and let them know about your needs.
Charles Hay, President EKURA
Published on November 15, 2016