The Kentucky Senate is looking to overhaul the state’s pension system for teachers and government employees. The plan is to keep the system from a financial collapse.
The Senate’s proposal would add more than $500 million into the state pension system this year.
Kentucky Senate President David Williams said it would also change benefits for future employees. Williams said state government would fund the plan by selling pension bonds.
Currently the retirement system for state employees has about $12 billion in unfunded liabilities over the next 30 years.