By Jack Brammer
FRANKFORT – The Senate approved a bill Thursday to overhaul the state’s pension system but did not address how it would be funded.
On a vote of 33-5, the Senate sent Senate Bill 2 to the House for its consideration. House Speaker Greg Stumbo, D-Prestonsburg, has said the bill needs to specify how it would be funded.
The legislation, sponsored by Senate Majority Leader Damon Thayer, R-Georgetown, would provide for full funding of pension plans for state employees – including legislators and judges – by fiscal year 2015.
It has been estimated to cost an additional $100 million or more in its first year.
The bill also would end automatic cost-of-living adjustments in retirement benefits and create a hybrid retirement plan for future hires. Teachers’ pensions would not be affected.
The measure reflects the work of a task force last year.
Voting against the bill were Republican Sen. Tom Buford of Nicholasville and Democratic Sens. Walter Blevins of Morehead, Julian Carroll of Frankfort, Ray Jones of Pikeville and Robin Webb of Grayson.
Filed Under: KY General Assembly