There is a simple solution to the state pension problem. First, revise the Kentucky Constitution to say that elected officials cannot give themselves any benefit they don’t give to all the citizens.
Next, dissolve the much better-funded and higher-paying pension plan for elected officials and roll all the assets into the pension plan for state workers. Anyone collecting a pension from the dissolved plan for elected officials would have their monthly benefits recalculated according to the formula for the government workers.
Some former elected officials have annual pensions over $100,000. It would be a big financial hardship for them to be cut to the $20,000 paid to the average state worker. But why should they be getting so much more?
Once the elected officials are in the same pension plan as state workers, they will have an incentive to keep the plan solvent. If they want to increase the amount in pensions for themselves, then everyone gets the increase.
The same should be done with the retirement plan for U.S. Congress. Those elected officials should only get Social Security, just like all the voters.