Members of the Kentucky House and Senate are expected to see a new public employee pension reform bill this week. It’s likely to be quite different from the proposal offered by Gov. Matt Bevin and GOP leaders last fall.
While the governor’s plan called for moving into a defined contribution format, the revised measure offered by legislative leaders is expected to allow workers to stay in a defined benefit plan. The defined contribution 401-k style has the employer and employee making regular contributions, instead of a set guaranteed amount at retirement.
Following a capitol event Tuesday the governor predicted passage, but didn’t comment on specific provisions.
“It’s all good, as we’ve said it’s coming. Nothing is even going to take effect until next fiscal year, so it’ll happen. They’ll be debating it, I think this week and next week and the sooner, the better,” said Bevin.
Legislative leaders have been looking over actuarial information the past few weeks to help develop a new pension reform bill.
Lawmakers initially hoped to see a modified pension bill on members’ desks during the opening weeks of the current session.
