kentucky state pensions

Politics
6:00 pm
Thu February 28, 2013

Pension Fixes in Limbo As Leaders Argue Over Approaches

Greg Stumbo
Credit Kentucky Legislative Commission

 A House bill aiming to help generate revenues for the underfunded pension system is in legal limbo as the Senate refused to accept the bill.

House Bill 416 takes revenues from expansion of Instant Racing and online lottery sales and the start of a Keno game to generate close to $100 million a year to pay into state's currently underfunded pensions for state employees.

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Politics
6:16 pm
Wed February 27, 2013

House Passes Two Pension Bills But Controversy Over Vote Looms

Greg Stumbo
Credit Kentucky Legislative Commission

The House has narrowly passed two bills dealing with the state's underfunded pension system, but not without controversy.

The House passed an amended  version of Senate Bill 2, which keeps the pension systems as a defined benefit and creates a new oversight panel for Kentucky's many pension plans. It passed on party lines 55-45, with Democrats favoring.

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Politics
9:45 pm
Tue February 26, 2013

House Committee OKs Pension Funding Bill That Relies on Gambling Dollars

Credit File photo

The House budget committee has passed a bill that would help shore up Kentucky's underfunded pension system by relying on gambling revenue.

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—and move the money to the struggling pension program for state employees.

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Politics
2:18 pm
Tue February 26, 2013

House Committees Makes Major Changes to Pension Reform Bill

Credit File photo

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

The amended bill also only allows plans to set up a new 11-person committee to provide direct oversight over the pension systems.

And cost of living adjustments are no longer banned under the bill, but can only be allowed if there is a surplus in the retirement systems or if lawmakers prepay for the expense.

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Politics
11:32 am
Fri February 15, 2013

House Leaders Considering Instant Racing Legalization to Help Pay for Pensions

Greg Stumbo
Credit Kentucky Legislative Commission

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

Instant Racing is a slots-like game currently played at two Kentucky tracks, Ellis Park and Kentucky Downs. The legality of the game is also currently being litigated at the Kentucky Supreme Court.

But if the General Assembly passes a bill authorizing it, the court case would be moot.

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Politics
6:20 pm
Thu February 7, 2013

State Senate Passes Pension Reform Recommendations

Credit File photo

The Kentucky state Senate passed a bill Thursday that would reform the majority of the state's pension system, 33-5. 

Senate Bill 2 reflects the recommendations of the legislative task force assigned to study possible solutions to the problem over the summer.

Cost of living adjustments would be suspended under the bill. The bill would also create a hybrid plan similar to a 401K whose rate of return would be guaranteed by the state.

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Politics
9:49 pm
Wed February 6, 2013

Citing Bleak Economic Outlook, Beshear Pushes for More Tax Revenue for Education, Pensions

Steve Beshear
Credit Kentucky Governor's Office

FRANKFORT — Gov. Steve Beshear is encouraging lawmakers to take bold stances in reforming the state's tax code,  before past budget decisions and cuts cripple Kentucky.

Beshear made the pleas Wednesday night in his annual State of the Commonwealth address.

(Read the State of the Commonwealth address.)

The speech focused on the state's lack of revenue—and how reforming the tax code would allow enough new money to solve the state's pension problems, plus increase funding for education.

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Politics
3:13 pm
Wed February 6, 2013

Pension Bill Passes Senate Committee, House Still Has Hang-ups

Credit File photo

FRANKFORT — An effort to reform Kentucky's underfunded pension systems passed in its first hearing Wednesday from a state Senate committee meeting.

Senate Bill 2 stems from the recommendations of a legislative task force that met over the summer to try and solve the pension problems.

It includes a suspension of cost of living adjustments and creates a new hybrid plan that acts like a 401K with a promised rate of return.

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Politics
12:02 pm
Fri February 1, 2013

In Wake of Financial Downgrade, Kentucky Business Leaders Call for Quick Pension Reform

Credit Kentucky Chamber of Commerce

Another change in Kentucky’s financial outlook has the state’s business leaders calling on the General Assembly for immediate pension reforms.

Standard and Poor’s has changed Kentucky’s outlook to negative, citing the state's large unfunded pension obligations as the main reason.

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Politics
2:05 pm
Tue January 29, 2013

Council GOP Lobbying State Lawmakers on Pension Reform

Jerry Miller
Credit Louisville Metro Council

Republican leaders in the Louisville Metro Council are headed to Frankfort this week to lobby state lawmakers on pension reform.

The city’s pension cost has more than doubled in the past decade to make up approximately 15 percent of the budget.  In his State of the City address, Mayor Greg Fischer urged residents to call for their legislators to take action in this year’s session to change the system.

Republican Caucus Chairman Ken Fleming, R-7, and Vice-Chairman Jerry Miller, R-19, are scheduled to meet with Republican state Sen. Damon Thayer of Georgetown, who co-chaired a legislative task force on the state pension system.

Miller says rising pension costs are at critical stage and are extremely important for Louisville residents because of the potential impact on city services.

"If you’re in government you have to deal with pension cost because of it’s dramatic increase, which is really crowding out a lot of other things we’d like to do—social services and a variety of other things," he says.

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