A proposal to bail out Kentucky’s ailing teachers’ retirement fund with a $3.3 billion bond issue is dead in the General Assembly.
Senate President Robert Stivers stripped the bonding provision from the bill Monday, saying that more time is needed to study and fix the Kentucky Teacher Retirement System for more money is added.
“There are systemic changes that need to be make in KTRS before we can make it actuarially sound and viable in perpetuity,” Stivers said.
Now the bill would set up a committee of lawmakers and hire an independent think tank to study KTRS’ predicament and potential solutions. The teacher’s pension system only has 53 percent of the money it needs to make future payouts to about 141,000 retired teachers.
Also unlikely to pass this session are the local option sales tax bill and a measure to allow more public/private partnerships. And a bill that would require students to use the bathroom designated for the sex they were born with is a non-starter in the Democratic-controlled House. House Speaker Greg Stumbo said the measure hasn’t gained support in his chamber.
