pension reform

FRANKFORT, Ky. -- Lawmakers are still at odds on how to shore up Kentucky's financially troubled pension plans for state and local government retirees.

Legislative leaders said Tuesday that no talks have been held since Sunday.

Even so, Democratic House Speaker Greg Stumbo said he's optimistic a resolution will be reached in the final days of the current legislative session so that a special session won't have to be called later.

FRANKFORT, Ky. -- Revamped legislation intended to shore up the state's pension system for state and local government retirees in Kentucky has cleared a House committee.

The measure removes a Senate provision that would have created a 401(k)-like plan for new hires.

The House State Government Committee voted 17-1 to send the legislation to the full House for consideration. Ten lawmakers passed during the committee vote.

Senate Passes Government Reform Pension Bill

Feb 7, 2013

FRANKFORT, Ky.-- Legislation that would reform the pension system for state and local government retirees in Kentucky has cleared the Senate without an identified funding source to resolve worsening financial problems.

The proposal would create a 401(k)-like hybrid retirement plan for new employees and would eliminate cost-of-living increases for retirees already drawing benefits in an effort to deal with a $33 billion deficit.

Senate Leaders Vow Action On Pension Bill

Feb 1, 2013

FRANKFORT, Ky. -- Senate Republican leaders on Friday promised fast-track work on pension legislation, drawing support from business groups demanding action to shore up a system plagued by a massive unfunded liability they say threatens to drain money from education and economic development.

The pension bill is expected to be introduced in the Senate on Tuesday and reviewed in committee the following day. Kentucky lawmakers return to the Capitol next week to resume a 2013 regular session that will last a few more weeks.

Stumbo, Stivers Agree That Pension Funding Will Likely Wait, Again

Jan 9, 2013

FRANKFORT, Ky. - Kentucky legislative leaders say solutions on how to pay for Kentucky’s underfunded pensions won’t likely be addressed in the 2013 legislative session, which began Tuesday.

Both House Speaker Greg Stumbo and Senate President Robert Stivers say there will likely be a bill to introduce changes to the pension systems. But they also agree that such a bill is unlikely to deal how to fund the changes.

LEXINGTON, Ky. - State lawmakers return to Frankfort Tuesday for the start of the 2013 legislative session, and Governor Steve Beshear is already predicting the need to go past the 30 days scheduled for work.