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Credit WFPL
A bill reforming the teacher pension system for new hires cleared the Kentucky State House Thursday afternoon, less than two hours after coming out of a legislative committee.
The bill would put teachers hired after Jan. 2022 into a different “tier” than current employees. The new tier would have a smaller defined benefit than the existing plan, but would also have an additional defined contribution, meaning retirees’ total benefits could fluctuate more based on the stock market. But the bill’s sponsor, Rep. Ed Massey (R-Boone), said the average payment would be 74% of the teacher’s salary, similar to salary replacement for the current plan and would save the state $3.57 billion over the next 30 years.
KY House votes for plan requiring new teachers to work longer, pay more for retirement John Cheves, Lexington Herald-Leader
Feb. 4 The Kentucky House on Thursday overwhelmingly approved a Republican-backed bill that would change the teacher pension system for new hires, sending it to the Senate for consideration.
Just two hours earlier, the House State Government Committee approved House Bill 258. It would require teachers hired after Jan. 1 to contribute more toward their retirement benefits, capping the state s obligation at 10 percent of salary, and to work at least 30 years instead of the current minimum of 27 years.
The new plan s salary replacement for retired teachers would be comparable to what retirees currently get, said the bill s lead sponsor, state Rep. C. Ed Massey, R-Hebron. Unlike most workers, Kentucky school teachers are not eligible for Social Security retirement benefits, so their pensions are especially critical.
Credit J. Tyler Franklin / WFPL
Legislation to keep slot machine-like historical racing games in Kentucky got its first hearing in the General Assembly on Thursday.
Senate Bill 120 seeks to codify historical racing in state law after the Kentucky Supreme Court ruled last year that the machines don’t qualify as “pari-mutuel wagering,” the gambling form traditionally used for betting on horse races.
Historical racing parlors have become lucrative businesses for some racetracks in Kentucky, which doesn’t permit traditional casinos.
Tom Drury, a horse trainer from Goshen, said revenue from historical racing has helped keep the horse industry afloat in the state.