Story by Nick Kendall
Contributing writer
After a close 52-46 vote, House Bill 1 regarding the KERS pension was passed in the Kentucky House of Representatives on Monday, July 22.
The bill, brought up by Repbulican Gov. Matt Bevin will ‘provide a one-time window where quasi-governmental agencies may voluntarily cease participation in the Kentucky Employees Retirement System (KERS) effective June 30, 2020, for nonhazardous employees by paying the actuarial costs of ceasing participation by lump-sum or installments.’
Murray State president, Bob Jackson testified in favor of this bill as it will provide a one year pension rate freeze at 49%.
“The rate increased to 84% at July 1,” Jackson said. “Without this bill, equating to $4 million in additional pension costs for MSU. This bill will prevent this additional $4 million expense.”
The bill is expected to pass in the Senate on Wednesday, July 24 where Republicans hold the majority. Wednesday will also conclude a special legislative session called by Gov. Bevin that began last Friday. The session costs taxpayers about $65,500 a day, according to the Lexington Herald Leader.
