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Governor Matt Bevin closes pension system

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Governor Matt Bevin and other Kentucky leaders say they will close the ‘complicated’ state pension system for most new employees by offering them a 401 (k) -type plan as they seek to stop funding one of the nation’s worst-funded public retirement plans.

Governor Bevin spoke to the West Kentucky Star about the plan on Thursday.
“I would encourage people to go to kentuckypensions.com and they can read for themselves the highlights of the plan. And realize that indeed it is a very, very good plan for saving the system, and guaranteeing that the people that are funding the system have light at the end of the tunnel,” Bevin told the Star.

Current workers would continue to accumulate benefits under the current system until they turn 65 or reach 27 years of service when being moved to a 401 (k) style plan.

Kentucky is one of the worst states with pension problems, rivaling Illinois as the worst unfunded plan.

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