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1) Vote Yes to HB53 [by EKU Employee on February 20, 2008]Basically, unless HB53 is passed to extend the high-three final compensation window set to expire January 1, 2009 and amend the 2.2% benefit factor, I will be forced to retire from EKU before December 31, 2008 with 26.5 years of service loosing $250.00 every month for the rest of my life.
Unless HB53 is passed, those of us who are right there on the cusp of retirement and have devoted our lives as faithful state employees will basically be getting the shaft for our devotion.
If HB53 is passed and the window is extended, I can continue to work until April 09 and receive an additional $250.00 every month for the rest of my life.
As I am sure you are well aware, with the recent budget cuts in education, most all state universities have implemented hiring freezes. This means those of us who are being forced to retire during this economic hardship may not be replaced leaving universities, as well as all state agencies (as well as local governments), with additional hardships.
Unless the bill is passed to extend the compensation window, many county judge executives as well as other county elected officials could be forced to retire. This would also leave the Governor in a pickle to appoint replacements throughout the state. Given the state’s current economic status, I feel this would not be a very clever move to make forcing those in local government out and replacing them with someone who may have little or no experience. Local government needs to keep experienced leaders during the current economic hardship in Kentucky. Experienced leadership will make a big difference in local government during this budget crunch.
If the bill does not pass, I think "grandfathering" current employees should at least be considered.
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This bill appears to extend the window for those already qualified by January 1, 2009.
HOWEVER ... the language also seems to indicate that anyone remaining past the January 1, 2009 cut-off date wiil be frozen in their YRS of SERVICE earned. Yes, the window remains open, but the employee will not receive "credit" in the retirement calculation for any additional yrs of service. And since raises are insignificant (or not at all), the High-3 becomes a non-factor as well.
Employees remaining beyond 12/31/08 would essentially be flat-lined in salary and totally frozen to "credit for service earned as of 12/31/08".
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I think the window should be increased.
Barren County
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