Major reforms recommended for Kentucky pension plan

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Associated Press

Story Created: Tue Oct 30, 2012 12:01 PM

Story Updated: Tue Oct 30, 2012 12:02 PM

FRANKFORT, Ky. (AP) - A panel of lawmakers has heard recommendations for reforming Kentucky's public pension plan in an effort to make it solvent.
   
The Courier-Journal and the Lexington Herald-Leader report that the options were presented Monday to a state task force by the Pew Center on the States and the Laura and John Arnold Foundation. Their recommendations included decreasing tax credits, issuing pension bonds, requiring bigger employee contributions and paying out less to future workers.
   
Lawmakers say the public pension system needs billions in funding to stay solvent; they hope to pass a reform effort during next year's legislative session.
   
Democratic Rep. Mike Cherry of Princeton co-chairs the task force and said members will discuss options and vote on recommendations late next month.

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