Gov. Beshear Signs Off On Lexington Pension Reform

(WTVQ-TV, LLC)
(WTVQ-TV, LLC)
Reported by: Ian Preston
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 3/22/2013 6:50 pm
Governor Beshear officially signed into law Lexington's Fire and Police pension reform Friday.

    According to the Governor, this legislation will immediately cut the unfunded liability by approximately 45 percent.

     Lexington was facing a nearly 300 million dollar shortfall in that unfunded liability.

     According to the pension reform, the city will pay off the liability over the next 30 years, along with increasing payments to the fire and police retirement funds.

     As for fire and police, there will be an increase in contributions from active and future employees, along with a remodeled new-hire plan.

     Mayor gray says this compromise will cut the unfunded liability from 296 million dollars to 161 million.

     The city of Lexington did take out a 34 million bond issue to cover the pension payments for the current year.

     Mayor Gray said on Friday that because of this reform, that will be the last bond issue for the pension system.
Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!
Most Popular
KSP Makes Large Drug Bust In Laurel County
The Kentucky State Police issued arrest warrants for eighteen people for illegal drug activity.
2014 36 Blitz: Rockcastle Co. Rockets
The boys in Mount Vernon will look to replace quarterback Corey McPhetridge this season. Video Video
Deputies: Man Badly Beaten, Buried Alive In Rockcastle County
The Rockcastle County Sheriff's Office said a man brutally beat a coworker, then buried him alive.
Police Ask For Your Help In Georgetown Gas Station Robbery
Georgetown Police said they are searching for a suspect who robbed a Shell gas station around 1:00 a.m. Tuesday. Video Video
Woman Accused Of Stealing From Elderly Couple
Tiffany Whitaker is accused of stealing close to $1,000 for a couple she was working for as a caregiver.
Inergize Digital This site is hosted and managed by Inergize Digital.

WTVQ.com supports children's privacy rights. All persons under the age of 13 MUST have parental permission to use this website and direct parental supervision is strongly recommended.