[vc_row][vc_column][vc_single_image img_size=”overlap-medium” alignment=”center” image=”6724″ animation=”fadeInUp”][wyde_heading subheading_tag=”h3″ style=”2″ title=”Statement from Prichard Committee: Pension Stress Must Not Harm Student Success” subheading=”Pension Solution Needed for Kentucky Colleges” animation=”slideInLeft”][vc_empty_space][vc_column_text animation=”fadeInLeft”]June 19, 2019<\/b><\/p>\n
FOR IMMEDIATE RELEASE Despite these financial challenges, Kentucky\u2019s students and postsecondary institutions are, overall, <\/span>making progress<\/span><\/a> to meet the state\u2019s education attainment goal to raise the number of Kentuckians with a postsecondary degree or credential to 60 percent by 2030. However, the state must accelerate this growth in an equitable fashion by paying particular attention to increasing attainment for low-income and African American students. <\/span><\/p>\n But dramatic increases in pension obligations threaten such growth and progress, particularly at our regional universities and community colleges. If not addressed immediately by the General Assembly and the Governor, the pension contribution rates at these institutions will rise from 49% of payroll costs to 83.5% on July 1 of this year \u2013 a 70% increase in a single year.<\/span><\/p>\n
\n<\/b>For more information, contact:
\n<\/span><\/i>Brigitte Blom Ramsey, Executive Director
\n<\/b>(office) 859-233-9849
\n<\/span>(cell) 859-322-8999<\/span>[\/vc_column_text][vc_empty_space][vc_column_text animation=”fadeInRight”]Lexington, KY – <\/span>$222.6 million<\/b>. That is the amount of funding Kentucky<\/span> has cut<\/span><\/a> from its public colleges and universities since 2008 \u2013 a disinvestment whose costs have been born primarily by students and families. Since 2006, public funding for postsecondary education<\/span> has declined<\/span><\/a> from 66% to roughly 50% of total revenue with tuition making up an increasing share.<\/span><\/p>\n