Wed February 27, 2013
Kentucky House Committee Passes Revenue Bill for Pensions
The Kentucky House budget committee has advanced a bill designed to provide extra revenues for the state's underfunded pension systems.
House Bill 416 would use revenues from the expansion of Instant Racing if the state Supreme Court upholds the legality of the game. It will also use expanded lottery sales and the proceeds from a new Keno game.
House Speaker Greg Stumbo says the bill does not ask lawmakers to legalize Instant Racing.
"We're simply saying if it is upheld, here is a fund that captures this money that's used to pay off this unfunded liability in our pension fund. So we're not asking you to vote to expand gaming," said Stumbo.
The House State Government Committee passed an amended Senate Bill 2, a reform of the pension systems, earlier Tuesday. But the amended bill does not change the system as much as Senate leadership and a legislative task force had originally intended.