Good to hear about your daughter playing bb as well. Does she enjoy it? My school hasn't filed any reports or had enough games yet.
As for the pension, yes, there are fewer paying into it than drawing benefits. Why? Did government get smaller? No. They changed the system for new hires and have been hiring more contract workers. Also, looking thru the history, if KY had just invested the money in an S&P Index fund at 7% annual return over the last 50 years, then there would have been more than enough money. However, they tripled the amount recommended to be put into hedge funds, that then went belly up. But, the placing agent that picked that fund came from that fund, and was paid $5 million from the fund for his services. That was one year. He is now deceased. Now that's a conspiracy. However, the legislature's retirement is solidly funded. Sure, there are less people, but it was managed differently.
I'm surprised at how many Kentuckians are for taking away state employees and teachers retirement. If the government tried to pass a law to tax your 401K 30 years later and take it all away, I imagine people would oppose to that law. Sadly, there is no difference. The Government withheld 7-9% of pay from every paycheck from every employee to go to that retirement account. Now, they don't want to pay out the benefit. Sure, even if they change the system, they haven't considered how to fund the liability, much less future amounts. They could sell the Governor's mansion or state property to fund the account & put the balance back in an S&P Index fund.
