The potential overhaul of the State Pension System receives criticism from U.S. Senator Jim Bunning. The pension overall has been endorsed by Governor Fletcher and the State Senate, but has yet to pass.
Bunning said a plan to overhaul the system would overburden the state’s financial future.
The plan pending in the General Assembly calls for the state to sell about $800 million in pension bonds to give its financially troubled public retirement systems a cash infusion.
Under the proposal, future employees would no longer receive the traditional pensions enjoyed by current employees and retirees. Instead they would have benefits similar to private sector retirement offerings.
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