VERSAILLES, Ky. (AP) – Leaders from several Kentucky education groups have announced a pension reform plan that they say is a sustainable approach.
The Courier Journal reports the plan announced Monday would leave most retirement benefits in place for current and retired teachers, while a hybrid plan would be created for new teachers hired beginning next summer. Those teachers would participate in a defined benefit system and be able to supplement retirement savings with voluntary contributions to an investment account.
Current teachers’ sick leave pay would be frozen for calculating retirement benefits starting next summer.
Leaders of the state superintendents association and other education groups unveiled the plan at a news conference at Woodford County High School.
Gov. Matt Bevin announced his plan last month. Kentucky is at least $33 billion short of the money it needs to pay retirement benefits to state workers for the next 30 years.
Information from: The Courier-Journal, http://www.courier-journal.com
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
11/6/2017 4:30:54 PM (GMT -5:00)
For more details on this alternative plan head to http://www.kysupts.org/.