Wait continues for Kentucky pension bill

As this year's Kentucky General Assembly reaches the half-way point, lawmakers still working on their proposed bill to fix the underfunded state pension systems.

Last fall, Gov. Matt Bevin introduced his plan, which includes moving retirees to 401k style plans.

"We're kind of sitting on pins and needles wondering when they're going to make a move," said Bill Murphy, a retired teacher from Hopkins County.  He wonders when lawmakers will present their proposed pension fix, a plan that could affect him, and other family members who are now teachers.

"Our daughter is a Kentucky teacher in Boone County. Her retirement plan could be one of the ones that would be moved to the 401k if they stand as is proposed," Murphy says.

State Senator Joe Bowen, R-Daviess County, says a bill should be right around the corner, and will likely be presented in the state senate. He's describing it as a lot different from the governor's proposal. Bowen says he's disappointed a bill isn't filed yet.

"It still has to go through the process. When you're late out of the starting gate, and you have a limited amount of time to get this done. Every day that goes by where nothing gets done is a missed opportunity. It's a lost day," says State Sen. Bowen.

Tim Abrams, Executive Director of the Kentucky Retired Teachers Association says there are rumors a bill will be presented soon, but he doesn't know the exact details yet, since much of the work is being done behind closed doors.

"We don't want them to rush and make a mistake that taxpayers and the state are going to pay dearly for," Abrams says. Abrams adds he is happy about the deliberate work on this proposed bill adding that they want lawmakers to take this issue seriously. 

Bowen adds adjustments have been made based on input from retirees and others in the pension system.

 


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