Emergency surgery needed on pension liability

I told the Kentucky Public Pensions Task Force recently that its “patient” is not only very ill, but that its sudden decline should cause a level of angst not unlike that of a doctor whose patient comes to him with a stomach ache and suddenly goes into cardiac arrest.

A recent series of Bluegrass Institute reports on the commonwealth’s pension crisis reveals how the state’s unfunded pension liability went from less than $960 million – which most experts say is manageable – to nearly $34 billion in 2011.

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