Gov. Steve Beshear joined presidents of Lexington's police and fire unions and city officials in City Hall on Friday at a ceremonial signing of House Bill 430, which implements the city's pension-reform plan for police and fire employees.
The agreement cuts the pension's unfunded liability by about 45 percent, from $296 million to $161 million, and commits the city to paying down the unfunded liability over 30 years.
Current employees and new hires will contribute more to their pensions and will receive lower cost of living adjustments. Beshear signed the bill into law in Frankfort on March 14.