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Consultant report sparks debate over pension fix

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courtesy of Kentucky Press News Service

An independent consultant recommended sweeping changes Monday to the pension systems that cover most of Kentucky’s public workers, creating the possibility that lawmakers will cut payments to existing retirees and force most current and future hires into 401(k)-style retirement plans.

Echoing a message often repeated by Gov. Matt Bevin, the PFM Group told the Public Pension Oversight Board that lawmakers must make dramatic changes to fix one of the worst-funded pension systems in the country.


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