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State Educators Present 'Shared Responsibility Plan' For Fixing State Pension Woes

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VERSAILLES, Ky. (LEX 18) - As Gov. Matt Bevin weighs calling a special session for lawmakers to consider proposed changes to the state employee pensions, educators today announced their own plans for the ailing system.

The Kentucky Association of School Superintendents made the announcement at Woodford County High School this afternoon, calling their proposal the "Shared Responsibility Plan."

"We have eight pension systems in Kentucky," said Woodford County Supt. Scott Hawkins, "and we do not believe that a one-size-fits-all proposal is the solution for all those systems."

The Bevin-led proposal would move state employees into a 401(K)-style retirement plan instead of the current defined benefits pensions, while also sending a portion of salaries to a health-care fund.

Kentucky's public pension system is among the worst-funded in the nation with an estimated $60 billion in debts.

The plan proposed today by educators aims to keep benefits for current retirees untouched while keeping a defined benefit pension in place.

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