“The pension crisis affecting Kentucky is so dire it affects every single facet of funding of state government, from educating our children to protecting our citizens, to providing services for our most needy.

For several weeks, we have been involved in intense weekly meetings, each meeting lasting four to five hours, regarding this issue.

This is a complex, multi-faceted problem. We, as a state, simply cannot financially sustain the current system.

Changes need to be made, but what those changes are, or how we address them, right now we are not sure.

This week, during a meeting of the Public Pension Oversight Board in Frankfort, PFM, the consulting group hired by the state, issued their recommendations.

I would like to thank PFM for their hard work to produce this report, but please know that these are only recommendations.

My colleagues and I will be asking for public input as we seek to make the best decisions for our state retirees, current state workers, and future state employees. I fully expect we will have a special session later this year to address the problem.

We are committed to meeting our legal obligations with regard to our pension system. I promise you we will continue to work hard, listen, gather facts, and make the best decision possible. I know that is what is expected and deserved and that is what we will do.”