Kentucky educators announce pension reform plan

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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.

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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.

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Information from: The Courier-Journal, http://www.courier-journal.com

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11/6/2017 4:30:54 PM (GMT -5:00)

 

For more details on this alternative plan head to http://www.kysupts.org/.