FRANKFORT, Ky. (AP) — Legislation to commerce retirement advantages for new teachers employed initiating next 365 days obtained final passage from Kentucky lawmakers Tuesday evening.
Supporters stated the measure would assist some strain on the state’s afraid public pension belief for teachers without fixing its big unfunded liability. Opponents stated the pension modifications would change into a deterrent in recruiting folks into educating.
The Condominium voted 63-34 to ship the bill to Gov. Andy Beshear.
The bill would not bear an label on teachers already enrolled within the retirement machine.
As an alternative, the bill calls for new Kentucky teachers employed initiating in 2022 to be positioned into a new “hybrid” pension tier mixing outlined back and contribution substances. It would mean that teachers employed initiating next January would make a contribution more in direction of their retirement advantages.
The Republican-led legislature faced a Tuesday decrease-off date to ship the bill to the Democratic governor and catch the chance to override a most likely veto. Lawmakers begin an prolonged damage Wednesday before returning for a two-day wrap-up session at the tip of March.
The legislation is Condominium Bill 258.