May 15, 2008

The Honorable Steven L. Beshear, Governor
Commonwealth of Kentucky
700 Capitol Avenue
Frankfort, Kentucky 40601

The Honorable David L. Williams, President
Kentucky Senate
702 Capitol Avenue
Frankfort, Kentucky 40601

The Honorable Jody Richards, Speaker
Kentucky House of Representatives
702 Capitol Avenue
Frankfort, Kentucky 40601

Gentlemen:
I am writing to ask that you call a special session this summer to address the state employee pension crisis that will continue to grow exponentially if a compromise is not reached in the near future.
Stakeholders, actuaries, administration and legislative representatives, retirees, city and county officials and public employee groups met for months to determine the best solution to the growing deficit in Kentucky's retirement plan.
All of that effort led to an ultimate compromise reached on the last day of the session, but political differences got in the way of its passage.
Our failure to pass a pension reform bill will cost taxpayers hundreds of millions of dollars, in addition to the $26 billion shortfall that already exists in the retirement system.
Small cities like Newport and Covington are having to make tough decisions about cutting services and laying off employees, which will affect our most vulnerable population and families already struggling with high gasoline, energy and food prices.
I believe that you can show true leadership by calling the Kentucky General Assembly back to Frankfort to deal with this very serious issue. You can bring the polarized factions back to the table to reach a consensus which can then be voted on by both chambers swiftly.
We simply cannot afford to wait another year to pass Kentucky public pension reform legislation. The stakes are much too high.
I look forward to your response.

Sincerely,
Dennis Keene

State Representative