Sunday, May 19 2013 9:56 AM EDT2013-05-19 13:56:30 GMT
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Saturday, May 18 2013 8:25 PM EDT2013-05-19 00:25:28 GMT
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LOUISVILLE, KY. (WDRB) -- Legislation intended to reform the state's pension system might not be finished during the current legislative session.
A House committee voted Tuesday to essentially throw out the reform plan already passed by the Senate. Instead of switching employees to a hybrid 401(k) plan as the Senate bill called for, the House bill keeps the current plan in place.
It does give the General Assembly the option of changing it in the future.
House leadership claims its plan is actually $50 million cheaper than the Senate version.
Rep. Brent Yonts (D), the Committee Chairman, said, "This gives some stability, some certainty, and some humanity in a lifestyle -- guaranteed replacement of income -- after one retires."
The issue of funding will be addressed in a separate bill, but will include revenue from new lottery games and taxes from Instant Racing machines at the racetracks. "If you look at a long-term solution," said House Speaker Greg Stumbo, "without raising taxes, this is it." When asked whether that was, literally, a gamble, Stumbo said, "So's life."
Stumbo said he is confident the House and Senate can find common ground, but right now they are far apart.