After years of lawmakers attempting to find solutions to the state’s underfunded pension problems, a group of Republican legislative candidates are hoping to institute a plan of their own. At a news conference Wednesday at the Capitol, the majority of Republican challengers in House and Senate races endorsed a plan to put new lawmakers into a 401k style pension system.
The challengers say if elected their plan would be the first bill they jointly introduce. And they would include themselves in the new 401k plan.
Republican House candidate Brian Linder says the new plan will also provide flexibility.
“The plan would be portable to other places of employment and the plan would enable roll-in contributions from other 401k plan from previous employers. And the retiree health care will no longer be an option for legislative service,” Linder says.
The plan will also allow incumbents to opt-in to the 401k plan as well as allow rollovers into and out of the new legislative plan.
Some candidates at the announcement also expressed the desire to eliminate legislative pension altogether, but said instituting their plan for themselves was a better first step to solving the pension problems.
Republican Senate candidate Chris McDaniel of Northern Kentucky says the plan is one step in the right direction.
“We believe that while this is a small step, it’s an important first step for us to take toward eliminating the most predictable crisis in Kentucky’s history,” he says.