FRANKFORT, Ky. (AP) — A panel of lawmakers has heard recommendations for reforming Kentucky's public pension plan in an effort to make it solvent.
The Courier-Journal and the Lexington Herald-Leader report that the options were presented Monday to a state task force by the Pew Center on the States and the Laura and John Arnold Foundation. Their recommendations included decreasing tax credits, issuing pension bonds, requiring bigger employee contributions and paying out less to future workers.
The state's pension systems are facing unfunded liabilities of $33 billion. Lawmakers say they hope to pass a reform effort during next year's legislative session.
"While the choices will be hard, ultimately this is a solvable problem," the Pew Center said in its written report to the task force. "But if Kentucky continues to delay, it could become an unmanageable crisis. This task force has the chance to make a real, lasting improvement in Kentucky's fiscal health and put the commonwealth on a credible path towards closing its funding gap."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
