Huge pension changes proposed for Kentucky's public workers

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FRANKFORT An independent consultant recommended sweeping changes Monday to the pension systems that cover most of Kentucky’s public workers, creating the possibility that lawmakers will cut payments to existing retirees and force most current and future hires into 401(k)-style retirement plans.

An independent consultant recommended sweeping changes Monday to the pension systems that cover most of Kentucky’s public workers, creating the possibility that lawmakers will cut payments to existing retirees and force most current and future hires into 401(k)-style retirement plans.

Echoing a message often repeated by Governor Matt Bevin, the PFM Group told the Public Pension Oversight Board that lawmakers must make dramatic changes to fix one of the worst-funded pension systems in the country. PFM also recommended increasing the retirement age to 65 for most workers. Kentucky State Police and other state workers in hazardous jobs would get to keep their existing pension plan, though the consultant recommended lifting the retirement age to 60 years old, instead of the current 25 years of service. Officers could still retire before they turned 60, but would not be eligible for the full benefit package.



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