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Kentucky House backing off from switch to DC retirement plans

Kentucky lawmakers considering moving the state defined benefits pension system to a defined contribution system have backed off from that plan.

By Marlene Y. Satter | Updated on February 14, 2018
Kentucky lawmakers considering moving the state defined benefits pension system to a defined contribution system have backed off from that plan.(Photo: Shutterstock)

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.

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