FRANKFORT, Ky. (AP) — A legislative group asked to find ways to shore up Kentucky's public pension system recommended Tuesday the repeal of built-in cost-of-living increases for government retirees.
That was among a list of proposals made by the Kentucky Public Pensions Task Force to rein in a growing unfunded liability that now exceeds $30 billion.
Other proposals include creation of a "hybrid cash balance" retirement plan similar in some ways to a 401(k) plan for employees hired after July 1, 2013. The state would guarantee a 4 percent annual return on employee contributions under that proposal that has elements of standard defined-benefit and defined-contribution plans.
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