FRANKFORT, Ky. (AP) - Kentucky taxpayers need to pay nearly $1 billion extra over the next two years to keep solvent a retirement plan for most state workers.
The Kentucky Employees Retirement System board of trustees told state lawmakers Thursday they need to spend $2.8 billion over the next two years on a retirement plan that covers state workers and police officers. That's $954 million more than was required the previous two years.
Bevin has proposed a more than 500-page bill to overhaul the pension system, but has been met with significant opposition among state employees and even within his own political party. Wednesday, more than half of the majority House Republican caucus signed a letter asking Bevin not to call a special session.