Tagged: kentucky pensions

Gov. Steve Beshear says he's a fan of Instant Racing for Kentucky's horse racing tracks—but he's not sure if legalizing the gambling format would be used to fund the state's struggling pension system.

Meanwhile, Beshear said casino gambling is not happening this year.

House Democratic leaders says they are looking at legalizing the slots-like game statewide to help generate at least $25 million a year to help fully fund pension obligations. Only two tracks, Ellis Park and Kentucky Downs, currently have the game.

The next legislative session begins on January 8, and lawmakers say fixing the state's flailing pension systems will be their top priority.

A legislative task force has suggested several ways to shore up state employee pensions, but passing legislation and paying for it will be tough.

State employees with higher pensions should pay more to help the underfunded systems recover, Kentucky House Speaker Greg Stumbo said in a recent interview.

One thing Stumbo doesn't want to see is lawmakers floating bonds to help pay for the state’s underfunded pensions.

Candidates for Kentucky’s 2nd District State House of Representatives both say they won’t take a pension if elected in November, but they differ on whether or not a pension should be offered to lawmakers. Kentucky’s pension system is one of the worst in the country in terms of unfunded liabilities. Heath has endorsed a pension plan for lawmakers that two GOP candidates have proposed. That plan would change the current full pension for lawmakers to an optional 401K plan for incoming lawmakers.