Hundreds of teachers and other state employees packed the Kentucky Capitol Wednesday as Republican lawmakers presented their new plan to overhaul the state’s ailing pension systems.
Supporters of the bill say it would save the state $4.8 billion over the next 30 years by requiring the legislature to put more money into the pension systems and reducing benefits to current and future retirees.
Janet Sogar, a retired teacher from Florence, says she has a hard time encouraging young people to become teachers because of proposed cuts to future teacher pensions.
“The scale would be tipped in favor of suggesting that they switch to a less time-consuming and more lucrative profession,”
Senate Bill 1 was filed last week after months of negotiations among Republican leaders of the state legislature.
The bill would move most future workers, including teachers, into what’s called a hybrid cash-balance retirement plan—which is less generous than what’s currently offered.
Republican leaders said the bill would be revised again soon.