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A new report on the changes being proposed for Kentucky’s state pension plans contends that implementing those changes will increase costs for taxpayers and public employees while reducing pension benefits, writes Joe Sonka for Insider Louisville.
The report was commissioned by a coalition of labour groups representing public employees in Kentucky, writes Sonka. The government is reviewing a study which recommends “dramatic changes” to the state’s pension plans, including moving to a 401 (k) scheme.
“This debate around public pension reform comes as Gov. Bevin is expected to call a special session of the Kentucky General Assembly in the coming weeks to tackle legislation on this issue, with a proposed bill set to be revealed by the governor and Republican legislative leaders Wednesday afternoon. Bevin lauded the report when it was released in late-August, though adding that his bill was not likely to exactly mirror the PFM recommendations,” he continues.
More: Report asserts workers would be left without adequate retirement income.

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