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Pension Overhaul Bill Introduced In Kentucky Senate
By: Associated Press
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FRANKFORT, Ky. (AP) – A Republican state senator in Kentucky has introduced a long-awaited pension overhaul that includes some key differences from a version backed by Gov. Matt Bevin last year.
Sen. Joe Bowen of Owensboro on Tuesday introduced the measure to revamp one of the country’s worst-funded public pension systems. The bill’s introduction sets the stage for action on one of the defining issues of this year’s legislative session.
The proposed is notable in part for what it doesn’t include.
A news release says it would not force current or future state employees or teachers to move into a 401(k)-style retirement plan. That was the cornerstone of an earlier proposal endorsed by Bevin.
The new bill also would not require all employees and teachers to pay an extra 3 percent of their salary for a retiree health benefit.