Potential Deal in Works on Government Pensions

By: Associated Press
By: Associated Press

Lawmakers have a deal in the works to shore up the financially troubled pension plan for government retirees.

House Speaker Greg Stumbo said Monday the proposal will be presented privately to lawmakers and then released publicly.

Gov. Steve Beshear is expected to personally present the offer to House Democrats Monday afternoon.

Restoring solvency to the pension system, which has a $33 billion unfunded liability, has been divisive for the Republican-controlled Senate and the Democratic-led House that have been working on the issue since the Legislature convened in January.

The Senate has been insisting on a 401(k)-like retirement plan for new employees -- a move the House opposes. And the House has pushed a plan that would use money from the lottery and horse tracks to generate more money for pensions.

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