Mayor Jim Gray today is asking his Task Force on Pension Reform to redouble its efforts to find agreement on a plan to address the growing unfunded liability in Lexington’s pension fund.
Gray appointed the Task Force last October and charged it with forging an agreement on changes that need to be made to the fund to bring it back into balance, financially.
“This Task Force has worked hard, but we gave them a tall order. We shouldn’t be surprised it has been tough to find common ground, since some members of the group have different and occasionally opposing interests,” Gray said. Police officers and firefighters, business leaders and the Council have representation on the Task Force.
Gray also urged Police Chief Ronnie Bastin and Interim Fire Chief Keith Jackson to redouble their efforts to address the issue, specifically asking them to put together a police-fire work group to identify what pension rules can be changed easily, more difficult changes that are needed and what benefits should remain in place to keep Lexington competitive with other cities.
If the group cannot agree on a plan by December, Gray said he will ask Frankfort legislators in the next session to give Lexington control of its pension fund.