Bevin Pension Relief Bill Squeezes Through Kentucky House
Gov. Matt Bevin’s proposed pension relief plan for quasi-governmental agencies has narrowly cleared the Republican-controlled Kentucky House.
"Ladies and gentlemen, there are no good choices with the dilemma that we and these agencies find ourselves in," said sponsor Rep. James Tipton. "We are trying to carve a path forward that will allow them to remian viable and in many cases to remain open."
Under House Bill 1, agencies have several options – including staying in the state retirement system at full cost, exiting the system by paying a lump sum, or buying their way out in installments. A freeze on their contributions is extended for another year.
But Democrats see a further agenda at work.
"Once this domino hits, the teachers are going to be next," Louisville Rep. Mary Lou Marzian told colleagues. "Then it'll be the retirees, tehn it'll be KRS. It'll all be in a private, for profit... managed by hedge fund folks."
The governor’s plan would replace a General-Assembly-approved pension relief bill he vetoed in April.