Tagged: Damon Thayer

The Kentucky Senate has passed a bill that would reform the majority of the state's pension system.

Senate Bill 2 contains the recommendations of a legislative task force on the underfunded pension system. It suspends cost of living adjustments and creates a hybrid, 401-K style pension plan for new hires.

Bill sponsor Damon Thayer says the bi-partisan support for the bill shows the need for continued cooperation on pensions.

"This is not a perfect bill," said the Georgetown Republican. "There are certainly other ways that this can be done. But in this town and in this building, when have we ever given up the good for the sake of the perfect. This is a good bill, Mr. President."

House Speaker Greg Stumbo says his chamber is still debating ways to handle the pension issue. Stumbo says any legislation must fully fund state pensions, and Senate Bill 2 currently does not.

An effort to reform Kentucky's underfunded pension systems passed in its first hearing Wednesday from a state Senate committee meeting.

Senate Bill 2 stems from the recommendations of a legislative task force  that met over the summer to try and solve the pension problems.

It includes a suspension of cost of living adjustments and creates a new hybrid plan that acts like a 401-K with a promised rate of return.

State Sen. Damon Thayer, the bill sponsor, said the need for pension reform isn't a partisan one.

Efforts to reform the laws concerning more than 1,000 special taxing districts are quickly moving in Frankfort this week.

The reforms were filed as House Bill 1 Tuesday and are a partnership between Auditor Adam Edelen and House Speaker Greg Stumbo. It would create an online registry to list the special districts and their required financial paperwork.

It would also re-designate them as special purpose governmental entities. The registry will be paid for initially with a special appropriation through the governor's office, then supplemented by fees on the special districts.

Edelen says the quick path the bill is expected to take shows that Frankfort can work to together on meaningful reforms.