GOP lawmakers say proposed pension changes will save $4.8B - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

GOP lawmakers say proposed pension changes will save $4.8B

(Source: Wikimedia Commons) (Source: Wikimedia Commons)

FRANKFORT, Ky. (AP) - Republican lawmakers in Kentucky say proposed changes to one of the country's worst-funded public pension systems will save taxpayers $4.8 billion over the next 30 years while completely eliminating a crushing $42 billion debt.

The plan changes benefits for some current and retired employees and includes incentives for people to work longer before retiring.

It's the second time Kentucky Republicans have tried to change the pension system. Their first attempt, introduced last year by Gov. Matt Bevin, failed to gain support after an analysis showed it would have cost taxpayers more money.

Despite the changes, many groups representing workers and retirees say they oppose the plan because it relies on structural changes instead of finding new revenue.

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