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Pension Reform Passes July 29, 2019 by Staff

The Kentucky General Assembly met in special last week and took a step to fix the broken pension system. They passed a bill to provide relief for regional universities, county health departments and many other quasi-governmental agencies faced with huge pension increases. Each of these groups were required by law to contribute significantly more into the pension system—in some cases up to 30 percent more of their payroll. The new law gives state agencies more options to meet the needs of their employees without breaking their budget. Many are expected to opt out of the state pension system by paying off their unfunded liability. New hires at these agencies would then be offered a 401k type matching retirement program—similar to what's offered in the private sector. The bill affects 8000 employees.



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