Beshear Pledges to Finish Pension Reform This Year

By Associated Press | 

FRANKFORT, Ky. (AP) -- Gov. Steve Beshear is pledging to get legislation passed this year to shore up the state's pension system for government retirees.

In a Q&A with reporters on Tuesday, Beshear left open the possibility of a special legislative session if lawmakers don't wrap up talks in the final days of the current session.

The Democratic-controlled House and the Republican-led Senate have passed differing versions of legislation aimed at restoring solvency to the pension system, which has a $33 billion unfunded liability.

The Senate proposal would create a 401(k)-like hybrid retirement plan for new employees. The House opposes that idea.

The House wants to generate money for pensions from the state lottery and from horse racing tracks. The Senate isn't enamored with that proposal.

Below is a link to the Kentucky Legislature's Retirement and Pensions.

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