Kentucky Governor Steve Beshear says if state lawmakers can agree on a pension reform plan within the next few weeks, he’ll call the General Assembly into special session to pass the measure.
Beshear made the announcement Thursday after meeting with legislative leaders to discuss ways to bolster the retirement system for the state’s public employees and teachers. The system faces a $26 billion deficit.
State Finance Secretary Jonathan Miller will chair a work group that will study the situation and the governor’s recommended solutions.
“Over half of the problem is health care, 54-percent of our unfunded liabilities come from health care and health care costs,” Miller said.
Governor Beshear is proposing a measure that would, among other things, raise the retirement age for future state employees and require new workers to contribute one percent of their salaries to pay for health insurance.
(Thanks to Stu Johnson, WEKU/Kentucky Public Radio)