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Kentucky teacher and activist Randy Wieck writes on Fred Klonsky’s blog about the renewal of the Republican legislators’ efforts to raid teachers’ pension funds in Kentucky.
At a time when the Republican super majorities in the Kentucky Legislature would seem to have more pressing issues to face – Covid-shuttered schools and businesses, unemployment supplements, eviction waivers, universal Covid testing and tracing – they nonetheless carry on with a new drive-by attempt at teacher pension “reform” which, once again, is a thinly veiled attempt to dismantle (let us be honest and use the proper term – gut) the Kentucky teacher defined benefit pension plan; kill it once and for all.
The idea of properly funding the plan, according to relevant GASB accounting standards, and repairing the damage inflicted over several decades of underfunding – is one legislators choose to duck. Better to chisel Kentucky’s way out of the debt it has run up through using funds that should have gone to the teacher pension (known as the actuarially required contribution), and which were instead used for other purposes. Perhaps they are following the lead of Kentucky Senator Mitch McConnell who refuses to allow federal aid to states beset with heavy, unforeseen expenses during a worldwide pandemic.
Rather than supply much-needed and adequate funding to TRS, (some $2 Billion per year for the foreseeable future) legislators instead prefer to “reform” the plan, placing new-hires into the old “beating-a-dead-horse” hybrid pension system.
Why not simply begin to pay back the missing funding and repair the damage inflicted by the legislature, and not by teachers who have dependably paid one of the highest pension contribution rates in the country (13%)?