FRANKFORT, Ky. (WKYT) - Governor Matt Bevin, R-Kentucky, signed an executive order on Thursday to prohibit former legislators from spiking their pensions.
Governor Matt Bevin/Facebook
The order prevents those lawmakers who are appointed to executive or judicial branch positions from potentially doubling or tripling their pension payout.
Lawmakers whose retirement plans began prior to Jan. 1, 2014, are entitled to a pension. The payout is based on the individual’s years of service in the legislature, multiplied by the average salary for the three highest years of salary, and then multiplied by a percentage called a benefit factor.
In 2005, HB 299, known as "the Greed Bill," was passed, allowing part-time citizen legislators to spike their legislative pension using their highest three years of salary from any position.
The executive order comes after Rep. Rocky Adkins announced he's accepting a role in the Beshear administration as the governor-elect's senior advisor.
“I’m asking Leader Adkins to retire from the General Assembly prior to his appointment in the executive branch so that his higher salary is not included in his final pension calculation," said Bevin.
He's also calling on Beshear to follow the executive order and prevent any more pension spiking in his administration.
"Kentucky taxpayers deserve this level of respect from the officials they elect,” Bevin said.
You can read the full executive order below.