Bevin Reveals Plan to Improve Kentucky Pension Systems

On Wednesday, October 18, Governor Matt Bevin, along with Senate President Robert Stivers and House Speaker Jeff Hoover unveiled Kentucky’s comprehensive plan to save the public pension systems. The trio said the plan will meet moral and legal obligations to current and retired teachers and public servants. Highlights of the plans include there will be no increase to the full retirement age, with current defined benefits remaining in place until the employee reaches the promised level of unreduced pension benefit. Current retirees will also not see a clawback or reduction to pension checks, and healthcare benefits are protected. Current and future hazardous employees will continue in the same system they are in now, and a loophole has been closed to ensure payment of death benefits for the families of hazardous employees. The plan is expected to take around 30 years to improve the system overall and the law will go into effect July 1, 2018.

 

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