Gov. Beshear pleased that lawmakers are looking at plan to fix - WDRB 41 Louisville News

Gov. Beshear pleased that lawmakers are looking at plan to fix pension system

Posted: Updated:

LOUISVILLE, KY. (WDRB) -- Governor Steve Beshear is pleased lawmakers are trying to figure out a plan to fix Kentucky's troubled pension system.

One option would allow slot-like machines to be installed at horse racing tracks statewide.  Proceeds would be taxed to generate cash for pensions.  The state pension system is underfunded by about $30 billion.

House Speaker Greg Stumbo says he believes Instant Racing could generate wagers totaling $1 billion a year if it was expanded to additional tracks.  Taxing those wagers could produce some $30 million for pensions.

A legal challenge to Instant Racing is still pending before the Supreme Court.

Copyright 2013 WDRB News.  All Rights Reserved.

  • Closed CaptioningMore>>

  • Closed Captioning Message

    Thanks to a grant from Norton Healthcare, this story and others are available in real-time closed captioning on WDRB.
    Thanks to a grant from Norton Healthcare, this story and others are available in real-time closed captioning on WDRB.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.