Q Kentucky

Kentucky is one of Arnold’s signature states. In 2013, The Laura and John Arnold Foundation teamed up with Pew Charitable Trusts to push for a major pension overhaul. Through a series of controversial, behind-closed-doors meetings, the pair successfully lobbied the legislature to move Kentucky public workers from a traditional pension into a far riskier “cash balance” scheme. An independent actuary estimated that the move could actually cost Kentucky $55 million more over the next two decades. As a PR stunt, Pew and Arnold later financed a report by the Urban Institute championing the reforms that they themselves pushed through the legislature.

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