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Fri March 13, 2009
By Angela Hatton
Frankfort, KY – A change in retirement contributions could save Kentucky cities and counties money, but it comes at a heavy cost in the long run. A House bill sponsored by Representative Mike Cherry of Princeton would extend the retirement contribution window from five to ten years. The measure cleared the Senate this week. Bill Thielan with the Kentucky Retirement System testified against the bill.
"It means that cities and counties will be paying 120 million dollars more over 20 years according to our actuaries for the first five or six years it gonna be a little less expensive than it might have otherwise been, but it's gonna get more expensive for the next 14 or 15 years."
Cherry says city and county officials requested the change. He says it could prevent layoffs in communities across the Commonwealth.