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Mon November 30, 2009
KY Legislative Pensions to Rise
Frankfort, KY – While Kentucky struggles with a $1 billion shortfall, the retirement plan for legislators is set to increase by more than $3.5 million in the next budget. According to a recently release actuarial report from the Kentucky Legislators Retirement Plan, the total for state lawmaker pensions will increase from almost $760,000 in the current budget to over $4.25 million over the next two years. The raise is because of a benefit enhancement quietly voted into law four years ago. The report says almost half of the $4.25 million will be used to pay for a controversial enhancement that benefits fewer than 30 current and retired legislators.