FRANKFORT, Ky. (AP) - Gov. Steve Beshear has signed legislation aimed at shoring up the state's financially troubled pension system for public employees.
The measure cleared its final legislative hurdle on Friday morning when the Senate approved it on a 35-1 vote. The House had passed the measure 98-0 on Wednesday.
Legislative leaders who hammered out an agreement on the legislation over three weeks of private negotiations described the bill as a first step toward returning solvency to the state retirement system. The retirement system has a $26 billion unfunded liability.
The legislation is House Bill 1.
Copyright 2008 by The Associated Press. All Rights Reserved