KY pension reform signed into law - WDRB 41 Louisville News

KY pension reform signed into law

It's the first step toward fixing Kentucky's retirement system.  Governor Steve Beshear signed the pension reform legislation into law Friday afternoon.

The measure was given to the governor after the House and Senate passed the bill during a special session.

The retirement system has a $26 billion unfunded liability.  Governor Beshear says something had to be done to get the pension system out a a $26 billion hole: "Recognizing that we could no longer afford to delay significant reform of the pension system, I proposed to them a two step strategy that would finally start us on a path toward what pension experts call actuarial soundness.  In other words, financial stability."

About 435,000 people are covered by the state's retirement system.

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