Kentucky pension system

2013 KY General Assembly
5:50 am
Wed February 27, 2013

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.

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2013 Kentucky General Assembly
3:39 pm
Tue February 26, 2013

House Committees Makes Major Changes to Pension Reform Bill

Credit Photo by Bud Craft, courtesy Ky Legislative Research Commission.

The state pension system would not transition to a hybrid 401K-style plan in an amended version of the pension reform bill.

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Politics
8:20 am
Tue February 19, 2013

New Kentucky Senators Want Pension Opt-Out

Some new state legislators were elected after promising to refuse a state pension, but now find the law does not allow them to opt out. However, State Rep. Diane St. Onge has introduced a bill that would allow them to make good on their promise. The Madisonville Messenger reports that the measure would allow any lawmaker to opt out of the state pension system and would prevent any new legislator elected after July 1 from entering it. Incumbents would not have to drop the pension plan under the legislation.

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Politics
12:14 pm
Fri February 15, 2013

House Leaders Considering Instant Racing Legalization to Help Pay for Pensions

Credit iStockPhoto

Kentucky House leaders are considering legalizing Instant Racing across Kentucky to help plug the funding gap in the state's pensions.

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2013 KY General Assembly
7:42 am
Tue February 12, 2013

House Working to Revamp Senate Pension Bill

Credit iStockPhoto

Pension reform legislation that passed in the Senate last week is undergoing changes in the House. House Speaker Greg Stumbo says he expects some of the proposed changes to be unveiled this week.

The version that cleared the Republican-controlled Senate requires the state to make its full contribution to the pension system but doesn't identify a funding source to do that. Stumbo says the Democratic-led House wants a designated funding source.

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Government
5:37 pm
Sat February 9, 2013

KY Lawmakers Meet With Public to Discuss Pension Problems

Credit John Walker

Lawmakers and citizens met this weekend in Murray State’s Wrather Auditorium to discuss Kentucky’s ongoing pension crises. Cameron Smith of the Alabama Policy Institute gave a presentation explaining Kentucky’s current pension problems while lawmakers answered questions. Smith said it’s important for the state to keep its promises.

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2013 KY General Assembly
5:54 am
Fri February 8, 2013

State Senate Passes Pension Reform Recommendations

Credit iStockPhoto

The Kentucky Senate has passed a bill that would reform the majority of the state's pension system. Senate Bill 2 contained the recommendations of a legislative task force on the underfunded pension system. It suspends cost of living adjustments and creates a hybrid, 401k-style pension plan for new hires.

Bill sponsor Damon Thayer says the bi-partisan support for the bill shows the need for continued cooperation on pensions.

"This is not a perfect bill. There are certainly other ways that this can be done," Thayer said. "But in this town and in this building, when have we ever given up the good for the sake of the perfect. This is a good bill, Mr. President."

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Politics
7:27 am
Tue February 5, 2013

Lawmakers Return to Frankfort for Round Two

Credit Wikimedia Commons

State lawmakers return to Frankfort today to take on some of the Commonwealth's most pressing issues, including finding a way to shore up the financially troubled pension plan for government retirees. The Legislature met for a week in early January to elect House and Senate leaders, then took a three-week break.

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Government
2:13 pm
Thu January 10, 2013

Coalition Rallies Against Big Changes to Kentucky Public Pensions

Credit iStockPhoto

Current Kentucky state employees and retirees packed the Capitol Rotunda to encourage lawmakers to rethink some proposals made by a task force on public pensions last year.

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Politics
6:49 am
Wed January 9, 2013

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

Credit Rae Hodge (KPR)

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.

What they do disagree on is when to deal with the funding solutions. Stumbo says pension funding should be dealt with in a special session, hand in hand with tax reform.

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