Tag: WDRB

Legislators override veto of bill reforming pensions for future Kentucky teachers

Mary Pat Campbell

Link: https://www.wdrb.com/news/education/legislators-override-veto-of-bill-reforming-pensions-for-future-kentucky-teachers/article_7cce8d94-90e7-11eb-99ba-d74ac0b11b3d.html

Excerpt:

Kentucky lawmakers voted Monday to override Gov. Andy Beshear’s veto of a bill that would change future teachers’ pension benefits. 

The House and Senate, both with GOP supermajorities, voted to override Beshear’s veto of House Bill 258, which would create a “hybrid” pension tier blending defined benefit and contribution components for new Kentucky teachers hired starting in 2022. 

That means teachers hired starting next January would be required to pay more toward their retirement and work longer before they can earn full benefits.

Author(s): Associated Press

Publication Date: 29 March 2021

Publication Site: WDRB

Kentucky House passes bill creating hybrid pension plan for future teachers

Mary Pat Campbell

Link: https://www.wdrb.com/in-depth/kentucky-house-passes-bill-creating-hybrid-pension-plan-for-future-teachers/article_6f67bd66-671f-11eb-b8c4-7b02927c8a98.html

Excerpt:

A bill creating a new pension tier for future teachers that will require them to pay more toward their retirement and work longer before they can earn full benefits passed the House Thursday.

House Bill 258, sponsored by Rep. C. Ed Massey, moved to the House floor on a 14-4 vote and cleared the lower chamber hours later on a 68-28 vote. The measure, if passed, would put teachers and others covered by the Kentucky Teachers Retirement System hired after Jan. 1, 2022, into a new hybrid pension plan that includes foundational and supplemental benefits.

Massey, R-Hebron, said the proposal would keep future hires from joining “an already burdened and overtaxed” defined-benefit pension system at KTRS, which actuaries expect will have unfunded pension liabilities totaling $14.8 billion and have 58.4% of the money needed to cover pension costs for current retirees and workers by fiscal year 2023.

Author(s): Kevin Wheatley

Publication Date: 4 February 2021

Publication Site: WDRB