Pension Reform Fast-Tracked in Kentucky

by scrosby on February 29, 2008

 From Kentucky Public Radio’s Tony McVeigh:

Kentucky Governor Steve Beshear’s state pension reform plan is on the fast track in the 2008 General Assembly. On Monday, a House committee hearing was held on the governor’s plan to overhaul the state pension system. On Tuesday, the bill won unanimous committee approval and yesterday, it breezed through the House, 96-0.

Louisville Rep. Jim Wayne says it’s good legislation, “This issue’s been thoroughly researched and reviewed by a number of different groups over the past several years. Governor Beshear has done a really good job of bringing all the parties together and working out a compromise piece of legislation.”

The bill, which the governor says will gradually steer the pension system to financial solvency, now heads to the Senate. Chronic under-funding, rising health insurance costs and sluggish investments resulted in a 27-billion dollar unfunded liability in the program. The system covers 445-thousand state and county employees and teachers.

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