My wife and I moved here in February. We love it.
I am a graduate of the University of Kentucky graduate school, 1981. We moved from the Metro-East area of Illinois, across from St. Louis. We lived there 19 years. For the record, I am from Kansas, not Illinois, and proudly so. Here's the point: When we moved to Illinois in 2000, the state had an unfunded pension deficit of about $50 billion. That equals $50,000 million, to appreciate the size.
Kentucky now has the same problem with an unfunded deficit of $43 billion ($43,000 million), all related to teacher pensions as defined benefits. It was zero 20 years ago. The corrupt state of Illinois now has an unfunded deficit of $203 billion, as of today.
Taxes continue to soar and the Democratic-run legislature continues to cater to the teachers' and state workers' unions with the same defined-benefit Cadillac benefits and pay. Half the population of Illinois would leave if they could. This coming from people who grew up there and call it home.
The teachers' unions are all about power and greed. And we are expected to foot the bill. Gov. Matt Bevin's recommendation to change the defined benefit pension to a 401(k) with matching levels from the state is what 98 percent of the real world runs with. It's doable and is not a problem unless one thinks they are so special that they are entitled to have the rest of us pay for their retirement.
If you want to be in the same shape as California and Illinois, with no new business wanting to come here and everyone wanting to leave, then keep the same terminal plan for excessive benefits for teachers.