The General Assembly came away from the 2013 regular session with a host of accomplishments, but the biggest for many lawmakers was Senate Bill 2, known as the pension reform bill. SB 2 changed the current public employee pension system from a defined-benefit plan to a hybrid plan, in which the employee and the employer both contribute funds. The bill put a stop to the state’s ballooning $33-billion pension shortfall. But while SB 2 saves the state’s pension fund from getting any bigger, it also saves cities in Kentucky from having to pay their employees the same benefits they had in the past.
Pension Reforms set to Save Cities Thousands
By Carla Jimenez & Kentucky New Era • May 13, 2013