Gov. Matt Bevin's Pension Proposal Is Out. Here's How It Will Affect Kentuckians
Gov. Matt Bevin has released a much-anticipated draft of a bill that would make massive changes to the state’s pension systems, which are facing critical financial problems. The 505-page proposal was crafted with Republican leaders of the state legislature and aligns with a summary of recommended changes Bevin presented a little more than a week ago.
If implemented, over the coming decades the plan would mostly phase out the state’s use of a pension system that guarantees benefits to state retirees for life.
Instead, most future state workers — including teachers — would be enrolled in 401(k)-style plans where their retirement payments will depend on how much money they and the state contribute throughout their working years.
Thousands of current state workers hired in 2014 or later would also be transitioned into the 401(k)-style plans.
Read more: http://wfpl.org/gov-matt-bevins-pension-proposal-is-out-heres-how-it-will-affect-kentuckians/