Sometimes “no” isn’t just the right answer; it’s the only realistic one.

Kentucky Government Retirees President Jim Carroll told the Public Pension Oversight Board (PPOB) he thinks giving state pensioners a 1.5% cost-of-living adjustment (COLA) for the next five years is the right thing to do considering last year’s record investment returns.

Jim Waters is president and CEO of the Bluegrass Institute for Public Policy Solutions, Kentucky’s free market think tank. Read previous columns at He can be reached at and @bipps on Twitter.