The Kentucky House is expected to consider pension reforms proposed to create more financial stability at public universities across the state.
Among other things, House Bill 613 establishes a foundation benefit component, which shall be a traditional defined benefit plan. Woodford County Representative Joe Graviss voted for the bill.
“A member might have reduced benefits under this but hopefully they will still have a job because from what I’ve hearing, some of the smaller universities, if they don’t get these kinds of changes, it’s going to be difficult for them to keep their doors open,” said Graviss.
The extensive piece of legislation also sets retirement eligibility at age 65 with five years of service and age 55 with ten years or service. The measure would affect new employees hired after January first. Bowling Green Representative Patti Minter cast a no vote Monday. “A president may be the voice of the university but that doesn’t mean that what they say represents what all the employees and stakeholders at the university wants. I’ve been trying for the last few days to get information about what the stakeholders want. It’s difficult because the university is on spring break right now,” explained Minter.
This bill, along with another pension measure sought by cities and local governments, both head to the House floor.
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