Pension bill won't include mandatory 401-style plan - WDRB 41 Louisville News

Pension bill won't include mandatory 401-style plan

Posted: Updated:

FRANKFORT, Ky. (AP) - The Kentucky Senate's top Republican leader says a forthcoming bill to overhaul one of the country's worst-funded public pension systems will not include a mandatory move to a 401(k)-style plan.

Senate President Robert Stivers said the bill, which has yet to be filed, will not require all new hires and employees who reach 27 years of service to move to a 401(k)-style plan. That was the cornerstone of an earlier proposal last year that was endorsed by Republican Gov. Matt Bevin and the Kentucky Chamber of Commerce.

But that proposal prompted fierce opposition from hundreds of thousands of state workers and public school teachers in the first election year after voters gave Republicans full control of the state legislature.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
All content © Copyright 2000 - 2018 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.