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Ky Senate Committee Approves $148M for Police Pension System

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A Kentucky Senate committee has approved a proposal to spend more than $148 million on the State Police Retirement System over the next two years. 

If approved by the state legislature, it would be the first money spent from the Kentucky Permanent Pension Fund, which lawmakers created last year at the urging of Governor Matt Bevin.

Lawmakers put $125 million into the fund, plus half of any excess revenues in future years. While Kentucky retirement systems have larger debts, bill sponsor Senator Chris McDaniel said 90 cents of every dollar spent on state police has to go to the retirement system — the most of any system.

Additionally, the state road fund pays $25.7 million each year into the police retirement system. McDaniel said this bill would reduce that by $4.6 million.

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