A move proposed by Kentucky's Republican governor, Matt Bevin, last year to transition the state's public employees from defined benefit to defined contribution plan appears to be losing support—especially after a controversial e-mail sent by business leaders in the state urged lawmakers to end DB plans.
The Lexington Herald-Leader reports that while no pension bill has yet been introduced in the Kentucky legislature—state workers are already suing retirement system officials and asset management firms over losses sustained by the state's pension fund—the letter has definitely set teeth on edge.
According to the report, House Education Chairman John "Bam" Carney, R-Campbellsville, has said he is "leaning against" moving public employees from a DB system to a DC system, adding that he's not sure such a move would save the state money—as advocates of the plan have claimed.
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