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."