Welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the fight for a secure retirement.
Here are this week’s top stories:
Kentucky’s new pension law marks unprecedented reforms by Liz Farmer. This past week brought the end of Kentucky Governor Matt Bevin’s special session of the legislature. On Wednesday, after a House and Senate vote, Bevin signed his pension bill, HB1. Farmer writes, “In an unprecedented move, the law allows those (quasi-state) agencies to leave the state’s pension system and pay off their debt, with interest, over the next 30 years; those agencies can also move employees hired after 2013 out of the state retirement system.” In the article, Bridget Early, Executive Director of the National Public Pension Coalition said “the legislation builds on years of state changes that have weakened the system.” Early also commented, “instead of finding a way to get money into the system, they’ve focused on benefit cuts. That ultimately removed needed contributions.”
Be sure to check back next week for the latest news in the fight for a secure retirement!