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NEWS BRIEFS
Some Kentucky lawmakers’ pensions to rise
FRANKFORT, Ky. (AP) — While the state struggles with a $1 billion shortfall, the retirement plan for legislators is set to increase by more than $3.5 million in the next budget, according to a report.
The Courier-Journal reported Friday that the total for pensions for state lawmakers will increase from $759,158 in the current budget to $4.28 million over the next two years because of a benefit enhancement quietly voted into law four years ago.
The totals come from a recently released actuarial report for the Kentucky Legislators Retirement Plan.
That report says almost half of the $4.28 million will be used to pay for a controversial enhancement that applies to fewer than 30 current and retired legislators.
“I think there are a number of legislators offended by (the enhancement), and I’m hopeful that will create some momentum to make some necessary changes,” said Sen. Damon Thayer, R-Georgetown.
The Legislators Retirement Plan has 336 members and beneficiaries and $43 million in assets. The state employee pension plan, by comparison, has almost 91,000 members and beneficiaries and $5 billion in assets.
