ADVERTISEMENT
KY Could Make Worst-funded Pension Plan Even Worse
By The Associated Press
FRANKFORT - Kentucky lawmakers could approve a bill that would make one of the country's worst-funded public pension systems even worse.

House bill 358 would let about 118 quasi-governmental entities leave the struggling pension system without paying what they owe. An analysis by the retirement system said it could cost the beleaguered system as much as $1 billion.

Republican Sen. Chris McDaniel calls it the best of the worst options. He said these agencies can't afford to make increased pension contributions for their employees. Department of Public Health Commissioner Jeffrey Howard said 63 public health departments would have to close over the next two years without changes.

Some retirees are worried the changes would put their financial future in peril by weakening the system.


Published 07:55 AM, Wednesday Mar. 13, 2019
Updated 03:41 PM, Friday Mar. 15, 2019

Please login to leave a comment.
  • View Comment
    View (35) Comments

Weather

 
ADVERTISEMENT
ADVERTISEMENT