WKYT | Lexington, Kentucky | News

Pension plan to pass House on Tuesday

FRANKFORT, Ky. (AP) - A proposal intended to restore solvency to Kentucky's pension plans for government retirees is continuing to undergo change in the final hours of Kentucky's legislative session.

House Speaker Greg Stumbo told reporters Tuesday afternoon that the latest proposal would tweak the state's tax code to generate cash for pensions. But he said a proposal to roll back the gas tax has been taken out of consideration.

The latest provisions being discussed by lawmakers would provide nearly $100 million a year to make the state's required contributions to the pension plans.

The proposal would reduce a standard $20 income tax credit to $10, which would provide an additional $33 million for pensions. It also would pull an additional $32 million in unappropriated revenue from the General Fund for pensions.


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