Lawmakers Could Get Chance to Opt Out of Pensions

By: Associated Press

Posted: Wed 5:50 PM, Sep 05, 2012

Lawmakers could get an opportunity early next year to opt out of the state's pension system.

Republican state Rep. David Floyd has drafted a bill for consideration when the Legislature convenes in January that contains the opt-out provision for incumbent lawmakers while ending pensions for all future lawmakers.

The debate over legislative pensions has become more heated in Frankfort because of an ever-growing deficit that, by some estimates, could be as much as $30 billion in retirement plans covering lawmakers, teachers, judges and state and local government workers.

Floyd said Kentucky lawmakers work only part time and, therefore, shouldn't be eligible to participate in the state's financially troubled retirement system.

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Lawmakers Could Get Chance to Opt Out of Pensions

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