I did find this buried in the local paper

Jun 25, 10:06 AM EDT


Ky. House approves state pension legislation

By JOE BIESK
Associated Press Writer


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FRANKFORT, Ky. (AP) -- The Kentucky House approved legislation Wednesday aimed at keeping the state's public employee retirement system financially solvent.

The measure passed Wednesday 98-0.

Kentucky lawmakers praised the legislation, claiming it will keep the financially unstable system sustainable into the future. The proposal follows lengthy private negotiations, and sets the state on a schedule to fully fund the retirement program by 2025.

"What we have done will make a major difference in the future viability of our pension fund," Rep. Mike Cherry, D-Princeton, said.

About 435,000 people are covered by the state retirement system which, lawmakers say, is facing eventual financial collapse if left ignored. The system has an unfunded liability of more than $26 billion.

The General Assembly convened in a special session earlier this week on Gov. Steve Beshear's orders. By approving the measure on Wednesday, the legislature stays on course to meet a self-imposed Friday deadline for passing the bill.

The proposal would, among other things, put the state on a schedule to gradually increase its payments to the retirement system in hopes of eventually paying down the unfunded liability.

Future state employees would have to work longer before being eligible for retirement. To retire with full benefits, the sum of employees' ages and years of employment would have to total 87. It would also require new employees to contribute 1 percent of their salaries to health insurance.

Beshear has set up a special panel to work on other long-term - and somewhat controversial - proposals for the legislature to address next year. That panel is studying such issues as whether the state should offer future employees a 401(k)-type retirement plan rather than the current set pension.

The measure now heads to the Senate for consideration.

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The Legislation is House Bill 1.