FRANKFORT — The Kentucky Senate is fast-tracking a bill that tries to remedy the state's ailing employee pension system. Senate Majority Leader Damon Thayer, R-Georgetown, introduced Senate Bill 2 Tuesday and said the Senate State and Local Government Committee will vote on it Wednesday. The full Senate may vote on it by the end of this week, he said.
The bill primarily reflects the recommendations of the bipartisan Task Force on Kentucky Public Pensions. The task force met throughout the year to discuss the Kentucky Retirement Systems, which has less than half the money it needs to provide lifetime pensions and health coverage for state and local government employees.
The Senate bill does not address how to pay for changes to the system, starting with an extra $327 million in Fiscal Year 2015. House Speaker Greg Stumbo, D-Prestonsburg, has said he prefers legislation that would include funding.