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The Bevin administration released data showing new teachers enrolling in the defined contribution retirement plan, a 401(a) plan, can be wealthier at retirement than if they began in the defined benefits plan currently in law.
The estimate shows that a new teacher starting at age 24 and working until age 61 will start retirement with $1.59 million. If reinvested, this could translate into a payout of $5,400 per month with a yearly increase of 1.4 percent for inflation. This will also leave $876,000 for the teacher to pass on to family or charity. In contrast, the same teacher retiring at 37 years enrolled in the defined benefit plan currently in place would receive approximately $5,400 per month for life with no benefit to pass on to family or charity.
“New teachers who fully fund their new defined contribution retirement plan can retire with a substantial retirement benefit over which they will have complete control. The benefit can be a monthly payment or a large amount to satisfy an urgent need or desire. Plus, to the extent that funds are not used during retirement, money can be transferred to a surviving spouse, other family members, or charity,” said State Budget Director John Chilton. “Teachers and all public employees will have the comfort of knowing that a fully funded defined contribution plan can contribute significantly to a secure retirement.”
The defined contribution calculation above is based on 18 percent of payroll, for 37 years, invested at an expected 7.5 percent rate of return – the investment assumptions that the Teachers Retirement System currently uses in its projections. The calculation also assumes income replacement at 92 percent and a post-retirement investment rate of return at four percent for 30 years. If the teacher chooses to reduce the income replacement amount to 80 percent, which is the rate financial advisors recommend to maintain equivalent lifestyle, he or she would draw $4,700 per month with $1.435 million left to pass on to family or charity.
Both the defined contribution and defined benefits calculations are based off the current salary schedule published by Franklin County Public Schools for Rank II teachers with a starting salary of $42,000.
Critics of the “Keeping the Promise” plan argue that teacher recruitment will be negatively affected by the proposed pension reform, but the data provided directly refutes this talking point. “Keeping the Promise” will save Kentucky’s pension systems while simultaneously providing a stable financial foundation for incoming, current and retired teachers and public servants.
Jefferson County Public Schools Acting Superintendent Dr. Marty Pollio announced on Friday that the principal of the Academy @ Shawnee will be taking a new position to help implement the Academies of Louisville in high schools across the district.
“I’ve recently experienced some health issues, and after careful consideration, I have decided to embark on a new endeavor with JCPS,” said Principal Venita Benboe. “In my new role, I will support the district by helping implement the Academies of Louisville. This is something I’m incredibly passionate about personally and professionally, and it’s an opportunity I simply could not pass up. I will always be here to support my Academy @ Shawnee family.”
Starting tomorrow, two highly respected and long-time JCPS administrators will take over the day-to-day operations of Shawnee until the district names a permanent replacement. Dr. Dan Withers is retired from JCPS and was the principal at Central High School. Betty Graham is a retired principal who served many years at Newburg Middle School and Olmsted Academy South.
“Shawnee is in good hands, and our goal is to have a permanent principal in place by the start of the second semester,” said Dr. Pollio. “I’d like to thank Principal Benboe for her leadership. She worked tirelessly to improve the lives of her students. I know she’ll bring that same passion to her work at the district.”
Mayor Greg Fischer announced that Louisville has earned an A grade from small business owners through Thumbtack’s 2017 Small Business Friendliness Survey, which is the largest continuous study of small business perceptions of government policy in the United States.
Louisville ranked No. 7 out of the 80 cities surveyed and is the only city in Kentucky to receive this top ranking. The state received a grade of A-, ranking 17 out of 50 states surveyed.
“This recent ranking affirms that Louisville’s entrepreneurial community is thriving,” said the Mayor. “We pair our strong pro-business culture with a strong collaboration with small business stakeholders, and our goal is to find innovative ways to help small businesses move forward.”
Louisville scored an A+ in the employment, labor and hiring regulations and licensing regulations categories and scored above the national average in the tax regulations and government website categories.
“The small business owners we heard from in Louisville were six percent more positive about their city’s support for small businesses than the national average, leading to their A grade overall,” Thumbtack Economist, Lucas Puente, PhD, said in a news release.
Louisville’s ranking was higher than some peer cities, including Nashville at 17, Charlotte, N.C. at 27, Indianapolis at 29, and Columbus, O.H. at 66.
According to a news release, Thumbtack surveyed more than 13,000 small business owners in 50 states and 80 cities to evaluate how easy local governments make it to start, operate and grow a small business.
To view Louisville’s full score card, visit https://www.thumbtack.com/ky/louisville/#/2017/1
Gov. Matt Bevin congratulated local officials and executives from Logan Aluminum Inc. and its parent companies today on the opening of the aluminum plant’s phase I expansion in Logan County, as well as the groundbreaking of phase II of the project.
Together the expansions represent about $407.6 million in new investments, which are creating about 250 full-time jobs at the sprawling mill in southwest Kentucky.
“Logan Aluminum is a standard-bearer of growth and foresight in its industry, and we are grateful for its decision to expand in Kentucky,” said Gov. Bevin. “Logan Aluminum is no stranger to diversification, making large-scale investments to increase beverage-can sheet production, while simultaneously meeting an ever-increasing demand for automotive-grade aluminum sheet metal. Because of companies like Logan Aluminum, Kentucky is becoming recognized as the engineering and manufacturing center of excellence in America. We look forward to seeing how this company will continue benefitting the communities in and around Logan County.”
Officials today cut the ribbon on phase I of the expansion, a project originally announced in 2015. Logan Aluminum’s $240 million investment expanded the recycling/new ingot casting capabilities. A new 280,000-square-foot building will produce approximately 600 million pounds of cast ingot annually. The investment also increased capacities of its rolling mills, scalping and pre-heating operations. The company announced an additional $42.6 million investment would prepare the plant to manufacture thicker-gauge aluminum for other products including automotive sheet. The Phase I is creating approximately 190 jobs.
This past May, the company announced the project’s second phase, a $125 million, 65,000-square-foot cold rolling mill expected to create 60 full-time jobs. With the official start of construction underway today, the new mill will supplement existing cold rolling capacity by Spring 2019. The expansion will add capacity for both beverage can stock and heavier gauge rolled sheet for use in automotive body and structural panels.
“Almost two years ago to the day, we held our groundbreaking for the new DC4 Recycle Facility, and now we are here today for the ceremonial ribbon cutting of DC4, and for the groundbreaking of Logan’s new Cold Mill – CM4,” Logan Aluminum Plant Manger Ken Perdue said. “It’s an exciting time for aluminum and it’s a really exciting time for aluminum in Kentucky. It’s really happening here!”
Logan Aluminum began production in 1983 and is a joint venture between Tri-Arrows Aluminum Inc., headquartered in Louisville, and Novelis Inc., based in Atlanta. The facility accounts for about 45 percent of North American aluminum beverage can production.
Tri-Arrows is a subsidiary of Tri-Arrows Aluminum Holdings Inc. (TAAH). TAAH was established in 2011, and is 75 percent owned by UACJ Corp., 20 percent by Sumitomo Corp., three percent by Itochu Metals Corp. and two percent by Itochu Corp.
Novelis was founded in 2005 when it spun off Alcan Inc., a Canadian mining and aluminum manufacturer. Novelis was acquired by Indian company Hindalco Industries in 2007 and is now part of the Aditya Birla Group.
Sen. Whitney Westerfield, of Hopkinsville, praised Logan Aluminum’s dedication to excellence and their commitment to the commonwealth.
“I am excited to congratulate Logan Aluminum on the completion of the Phase I expansion,” said Sen. Westerfield. “As we celebrate the groundbreaking of Phase II, I want to thank the company for investing over $400 million into our region, creating over 200 new Kentucky jobs. I look forward to the final completion of this project as Logan Aluminum continues to celebrate its successes.”
Rep. Jason Petrie, of Elkton, noted the company’s long history of success and continuous growth.
“Logan Aluminum has been a pillar of the Russellville business community for 34 years,” said Rep. Petrie, who serves on the Economic Development and Workforce Investment Committee. “I congratulate Logan on their tremendous success with this exciting expansion and look forward to the nearly 250 jobs they are offering to the people of Logan County and surrounding communities.”
Logan County Judge-Executive Logan Chick expressed appreciation for Logan Aluminum’s continued investment and job creation in Logan County.
“Logan Aluminum is an outstanding corporate citizen, and we appreciate their faith and confidence in Logan County,” Judge-Executive Chick said.
Lewisburg Mayor Teddy Harper said the operation has a substantial impact on the community.
“Logan Aluminum’s continued growth and success means a great deal to Lewisburg,” Mayor Harper said. “Their world-class operation and employment helps the entire area.”
Russellville Mayor Mark Stratton said the region is fortunate to have Logan Aluminum providing employment opportunities.
“The presence of Logan Aluminum benefits Russellville and the rest of southcentral Kentucky,” Mayor Stratton said. “We are blessed to have a top-notch company of their quality in our community. We wish them continued success going forward.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $5.2 million for phase I and $6.5 million for phase II through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA approved Logan Aluminum for up to $1.8 million in tax incentives through the Kentucky Enterprise Initiative Act (KEIA) for phase I and up to $1.5 million for phase II. KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Logan Aluminum also can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
Continuing his work to address the state’s opioid epidemic, Attorney General Andy Beshear was in Paducah today at Lourdes Hospital to announce new partners joining his office’s Kentucky Opioid Disposal Program.
Representatives from seven community organizations joined Beshear in forming a coalition that will distribute drug deactivation pouches to help McCracken Countians dispose of their unused prescription opioids in a safe and eco-friendly manner.
“I applaud those working with my office to keep unused opioids out of the hands of those who could misuse them,” Beshear said. “Nearly 80 percent of heroin users begin their addiction with prescription drugs, and with the help of these partners more of our neighbors, friends and families in McCracken County will have a better chance of escaping the plight of addiction.”
In August, Beshear launched the Kentucky Opioid Disposal Program, the state’s first initiative to allow Kentuckians to safely dispose of opioid medications at home.
The McCracken County pilot program initially began with Beshear working with McCracken County Sheriff Jon Hayden.
Beshear said that the six additional community partners have been selected based on their ability and willingness to reach those in the community who are most in need of disposing of unwanted opioids. The McCracken County program is expected to provide 10,000 drug deactivation pouches that can deactivate more than 450,000 prescription pills in the county.
The new partner organizations include: Davis Drugs; Lone Oak Pharmacy; Lourdes Hospital and Hospice and Palliative Care; McCracken County ASAP Board; McCracken County Schools and Paducah Independent Schools.
“The Deterra pouches will be very convenient for citizens to use in their homes and proactively assist in preventing friends and family from becoming addicted to unused prescription opioids,” said Captain Matt Carter with the McCracken County Sheriff’s Office. “This program will provide an additional outlet to partner with the community to combat this growing problem in a safe, free and environmentally-friendly fashion”
Brian Harper, superintendent of McCracken County Schools, said our goal is to protect the next generation from falling victim to this public health crisis.
“We are pleased to partner with General Beshear and the McCracken County Sheriff’s Department to educate our students about the importance of disposing unused prescription opioids,” said Harper.
Troy Brock, director of pupil personnel at Paducah Independent Schools, said that opioid abuse and addiction is of paramount importance across the Commonwealth and in our communities and requires immediate attention.
“We are confident that this partnership and effort between the AG’s office and Paducah City Schools will potentially save the lives of our youth,” Brock said. “This program provides an easy and efficient means to help our families eliminate the risk of the permanent damage that opioid misuse and abuse can cause, and we are proud to be a part of these first steps to addressing the problem across the Commonwealth.”
Michelle Lowe, owner, Lone Oak Pharmacy, said her business is happy to partner with the attorney general’s office and the sheriff’s department to assist patients with the disposal program.
“This is a problem that we see occur on a regular basis and these pouches will be readily disturbed to patients at our pharmacy,” Lowe said. “We will make every effort to inform our customers as well as the general public about this program. Many thanks to those who made this free program available to help dispose of unused medicines.”
Marshall Davis, owner of Davis Drugs and pharmacist, said, “I think this is a very beneficial program and will be a great resource to prevent misuse of medication.”
Kay Williams, director of Lourdes Hospice and HomeCare, said she is happy Lourdes is a partner in combating the opioid epidemic in her community.
“Hospices across the Commonwealth have been on the leading edge with innovative policies and solutions that keep opioids in the hands of patients who must have them to achieve a modicum of comfort, while rendering the medications unusable for others,” Williams said. “By joining forces, we keep unused medications unavailable for illegal use, to the extent allowed by law and DEA regulations.”
The Kentucky Opioid Disposal Program pilot program also includes three other Kentucky counties Floyd, Henderson and Perry, as well as, Beshear’s Office of Senior Protection that is working with the faith-based community to distribute the pouches at senior events.
In total, the program has the potential to dispose of more than 2.2 million unused opioids by simply placing unused medication into the pouch, filling it with warm water, waiting 30 seconds then seal, shake and dispose of it in normal trash.
Since announcing the program, Beshear said he hopes that the initial pilot program leads to future funding from new partner groups or lawmakers that allow the program to expand to more counties.
Today’s announcement comes ahead of this weekend’s National Prescription Drug Take Back Day, which is Saturday, Oct. 28, and is part of Beshear’s core mission to find workable solutions to combat addiction in Kentucky.
In June, Beshear announced his plans to file multiple lawsuits against drug manufacturers, distributors and retailers where there is evidence contributing to the opioid epidemic through illegal marketing and selling of opioids to Kentuckians.
To support this litigation, AG Beshear issued a request for proposal (RFP) for legal services to assist the Commonwealth in multiple lawsuits, and to ensure Kentucky tax dollars are not used for the costs of the litigations. A contract was awarded in October to a legal team to help with the upcoming litigation.
AG Beshear is co-chair on the National Association of Attorneys General Substance Abuse Committee.
The AG’s office previously settled a $24 million lawsuit with Purdue Pharma regarding OxyContin. AG Beshear’s office has provided $8 million from that settlement directly to 15 substance treatment centers across Kentucky.
From a different drug company settlement, the office dedicated $2 million to expand and enhance Rocket Docket programs that expedite drug cases, generate significant cost savings and allow select defendants rapid access to substance abuse treatment.
Recently, AG Beshear joined a multistate lawsuit alleging the drugmaker of Suboxone, a drug used for treating opioid addiction, attempted to monopolize the market.
AG Beshear is currently working with local law enforcement and community leaders to host substance abuse awareness forums across the state. The office has also been instrumental in numerous drug related arrests, including working with federal authorities to arrest a fentanyl dealer whose drugs had killed several Kentuckians.
Unemployment rates fell in 102 Kentucky counties, stayed the same in five and rose in 13 counties between September 2016 and September 2017, according to the Kentucky Center for Education and Workforce Statistics (KCEWS), an agency of the Kentucky Education and Workforce Development Cabinet.
Oldham County recorded the lowest jobless rate in the Commonwealth at 3.1 percent. It was followed by Fayette and Shelby counties, 3.2 percent each; Campbell, Jessamine, Scott and Woodford counties, 3.3 percent each; and Boone, Kenton, Monroe and Spencer counties, 3.4 percent each.
Magoffin County recorded the state’s highest unemployment rate at 12.9 percent. It was followed by Leslie County, 10.7 percent; Harlan County, 8.6 percent; Elliott County, 8.3 percent, Letcher County, 8.1 percent; Jackson County, 7.8 percent; Fulton County, 7.7 percent; Carter and Clay counties, 7.6 percent each; and Breathitt and Wolfe counties, 7.5 percent each.
Kentucky’s county unemployment rates and employment levels are not seasonally adjusted because of small sample sizes. Employment statistics undergo sharp fluctuations due to seasonal events such as weather changes, harvests, holidays and school openings and closings. Seasonal adjustments eliminate these influences and make it easier to observe statistical trends. The comparable, unadjusted unemployment rate for the state was 4.3 percent for September 2017, and 4.1 percent for the nation.
Unemployment statistics are based on estimates and are compiled to measure trends rather than actually to count people working. Civilian labor force statistics include non-military workers and unemployed Kentuckians who are actively seeking work. They do not include unemployed Kentuckians who have not looked for employment within the past four weeks. The data should only be compared to the same month in previous years.
Teachers, staff, and the entire student body at Knight Middle School, 9803 Blue Lick Road, will all be wearing glasses (prescription or empty frames) all day long on Friday, Oct. 27, 2017, to stand with those who have ever been bullied.
Sixth graders in Brittany Witt’s class came up with this idea on their own. Their goal was to bring awareness of the bigger picture of bullying and show the importance of being a voice for kindness and compassion. The students did research and figured out how to implement this activity. The school has had glasses donated from multiple movie theaters in the area.
The teacher, students, and Principal Cathy Gibbs will be available for interviews at 9 a.m. on Friday, Oct. 27, 2017.
