Kentucky's plan to fix its retirement system is drawing positive reviews from the think-tank types at The Pew Charitable Trusts.

The state has been struggling with its pension obligations since at least 2002, when it realized it was bogged down with $26 billion in pension debt.

According to Pew, the state's bipartisan reform effort this year resulted in a "fair and effective" retirement system for both employees and taxpayers. The state legislature passed a bill that is projected to improve the fiscal health of the pension system by billions of dollars, ensuring that state and local governments can keep their promises to Kentucky's public workers, according to The Pew report.

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