What has been done so far to address Kentucky’s pension crisis?
A number of changes have been made to Kentucky pension benefits over the last 10 years. These include limits on health insurance benefits for retirees and requirements that teachers contribute more for retirement and health insurance benefits. The most significant changes were made in 2013 for state and local government employees (but not teachers). The changes placed new employees in a modified 401K-style plan with a guaranteed 4% rate of return; suspended cost of living adjustments for current retirees; and excluded employees hired after January 1, 2014 from the inviolable contract.