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Governor Steve Beshear has proposed policy changes to the state’s retirement system in hopes of providing more than $37 million in relief to counties, like Spencer County, that are struggling with financial shortfalls.
His recommendation to the Kentucky Retirement System Board is to allow required contribution obligations to be spread over a 10-year period instead of the current five-year period. The move has been cited as providing immediate relief to local governments next fiscal year while maintaining the pension system.
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