Kentucky Lawmakers To Reveal Pension Solution Wednesday
By Mike Perleberg
Kentucky Governor Matt Bevin
(Frankfort, Ky.) – School teachers and police officers in Kentucky may learn what’s to become of their pensions Wednesday.
Governor Matt Bevin and top lawmakers in Frankfort have come to terms on a plan to save the state’s public retirement system.
Kentucky’s public pension system is among the worst in the nation. There is a $33 billion shortfall in the money needed to pay retirement benefits for teachers, police officers, and other public employees over the next three decades.
An announcement is planned for 9:00 a.m. Wednesday. The press conference with Bevin, House Speaker Jeff Hoover, and Senate President Robert Stivers – all Republicans – will be broadcast on Facebook and statewide media.
“We will be talking about the path forward for a bill that will address the pension situation,” Bevin said in a video posted to his Facebook page Tuesday evening.
He added that his office has consulted with various teacher, law enforcement, and school district associations. The governor didn’t have any details last night, but lawmakers quietly said that the new plan will pay for what’s been promised.
“We are getting close. Everybody wants a solution. We’ve come up with one that saves the pension system and keeps the pension promise,” said Bevin.
Kentucky’s legislative session isn’t due to start until January 2018. Bevin may call lawmakers to Frankfort for a special session to address the pension bill sooner.
Statehouse Democrats have not yet reacted to the yet-to-be-released proposal. Northern Kentucky State Rep. Dennis Keene (D-Wilder) last month pre-filed a bill which would legalize casino gaming in the state and use gaming tax revenue to help make the pension program solvent.