Senate committee approves pension system; goes to full Senate next - WDRB 41 Louisville News

Senate committee approves pension system; goes to full Senate next

A Senate committee has approved a plan to shore up the state's financially troubled pension system.

The Senate State and Local Government Committee voted 7-0 to approve the proposal. It now goes to the Senate floor for consideration.

The Senate is scheduled to meet at 9 a.m. Friday to vote on the measure.  The Kentucky House approved the legislation 98-0 on Wednesday after lengthy private negotiations.

About 435,000 people are covered by the state retirement system which, lawmakers say, faces eventual financial collapse if left ignored. The system has an unfunded liability of more than $26 billion.

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