Tagged: kentucky state pensions

Kentucky House leaders are considering legalizing Instant Racing across Kentucky to help plug the funding gap in the state's pensions.

Instant Racing is a slots-like game currently played at two Kentucky tracks, Ellis Park and Kentucky Downs. The legality of the game is also currently being litigated at the Kentucky Supreme Court.

But if the General Assembly passes a bill authorizing it, the court case would be moot.

The Kentucky state Senate passed a bill Thursday that would reform the majority of the state's pension system, 33-5. 

Senate Bill 2 reflects the recommendations of the legislative task force assigned to study possible solutions to the problem over the summer.

Cost of living adjustments would be suspended under the bill. The bill would also create a hybrid plan similar to a 401K whose rate of return would be guaranteed by the state.

FRANKFORT — Gov. Steve Beshear is encouraging lawmakers to take bold stances in reforming the state's tax code,  before past budget decisions and cuts cripple Kentucky.

Beshear made the pleas Wednesday night in his annual State of the Commonwealth address.

(Read the State of the Commonwealth address.)

FRANKFORT — An effort to reform Kentucky's underfunded pension systems passed in its first hearing Wednesday from a state Senate committee meeting.

Senate Bill 2 stems from the recommendations of a legislative task force that met over the summer to try and solve the pension problems.

It includes a suspension of cost of living adjustments and creates a new hybrid plan that acts like a 401K with a promised rate of return.