Governor Andy Beshear has released the actuarial analysis of former Governor Bevin's 2017 "Keeping the Promise" pension reform plan that became the subject of protracted open records litigation after former state budget director, John Chilton, denied Ellen Suetholz's request for a copy of the analysis.
In a press release issued on December 20 that links to the actuarial analysis itself, Governor Beshear announced:
"Kentucky now knows the proposed 2017 pension reforms would have left the Commonwealth worse off, Gov. Beshear said when releasing the documents long-withheld by the former administration.
The analysis commissioned by the former administration shows the proposed 2017 reforms costing the state retirement systems more and negatively affecting the retirements of educators and public employees, compared to the existing, bipartisan reforms made in 2013.
'Today, less than two weeks into my administration, I turned over the documents and let employees and taxpayers know the truth â the proposed 2017 reforms would have cost the state more and forced out many more career employees. If we are truly going to solve the problems we face as a Commonwealth, we must work together in an honest and open way.'
The report indicates that over 30 years, the path to full funding of the liability is longer compared to the 2013 reforms and that the rise in funded ratios occurs more slowly, which makes the pension system more sensitive to investment risk during that time. The 2017 proposal would have also pressured career employees to retire before they were ready, because employees would no longer accrue benefits after they reach full retirement age."
The press release notes that in 2018 Attorney General Beshear's open records staff found that Chilton violated the Kentucky Open Records Act in denying Suetholz's request, and Franklin County Circuit Court Judge Phillip Shepherd affirmed that decision and awarded her attorneys' fees. Chilton appealed Shepherd's ruling, and the case is on appeal to the Kentucky Court of Appeals.
It is unclear what impact today's release of the actuarial analysis will have on Suetholz's case.
