The revised pension reform bill will not mandate that any current or future Kentucky public employees be moved into 401(k)-like savings plans because the move would actually cost more money, Senate President Robert Stivers said on Wednesday.
A move from traditional pension plans with defined benefits to 401(k)-like plans was the foundation of the reform proposal released in October by Gov. Matt Bevin, Stivers and then-House Speaker Jeff Hoover.
But that proposal, which also included numerous reductions in benefits, was met with strong opposition. Leaders of the House and Senate Republican majorities have been revising the plan for months.