Tagged: Kentucky pension system

The state pension system would not transition to a hybrid 401K-style plan in an amended version of the pension reform bill.

Some new state legislators were elected after promising to refuse a state pension, but now find the law does not allow them to opt out. However, State Rep. Diane St. Onge has introduced a bill that would allow them to make good on their promise. The Madisonville Messenger reports that the measure would allow any lawmaker to opt out of the state pension system and would prevent any new legislator elected after July 1 from entering it. Incumbents would not have to drop the pension plan under the legislation.

Kentucky House leaders are considering legalizing Instant Racing across Kentucky to help plug the funding gap in the state's pensions.

Pension reform legislation that passed in the Senate last week is undergoing changes in the House. House Speaker Greg Stumbo says he expects some of the proposed changes to be unveiled this week.

The version that cleared the Republican-controlled Senate requires the state to make its full contribution to the pension system but doesn't identify a funding source to do that. Stumbo says the Democratic-led House wants a designated funding source.

Lawmakers and citizens met this weekend in Murray State’s Wrather Auditorium to discuss Kentucky’s ongoing pension crises. Cameron Smith of the Alabama Policy Institute gave a presentation explaining Kentucky’s current pension problems while lawmakers answered questions. Smith said it’s important for the state to keep its promises.