WKYT - Frankfort - Headlines

Stumbo calls for conclusion to pension issue

FRANKFORT, Ky. (AP) - House Speaker Greg Stumbo is calling again for passage of a measure to shore up government pensions in the waning days of the legislative session.

Stumbo said Wednesday that he wants to avoid the expense of a special legislative session that Gov. Steve Beshear has pledged to call if lawmakers don't reach an agreement on pension reform.

The Democratic-controlled House and the Republican-led Senate are at odds over competing proposals for restoring solvency to the pension system, which has a $33 billion unfunded liability.

The Senate proposal would create a 401(k)-like hybrid retirement plan for new employees. The House opposes that idea. The House wants to generate money for pensions from the state lottery and from horse racing tracks. But the Senate is balking at that proposal.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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