House Committee Passes Revenue Bill for Pensions
The House budget committee has passed a bill that would help shore up the state's underfunded pension system. House Bill 416 would take revenues from expanding Kentucky lottery sales and online games, as well as from Instant Racing if the state Supreme Court upholds the legality of the game.
House Speaker Greg Stumbo says the bill would generate at least $100 million a year to be put into a trust fund for pensions. And he says using money from lottery sales won't hurt scholarship funds tied to lottery profits.
"Those are left harmless, they'll still be funded. And they'll be allowed 2 percent growth in this proposal so they'll still continue to grow," Stumbo said.
The House State Government Committee also passed an amended Senate Bill 2, which would reform some portions of the pension system, but not as far as Senate leadership would like.