Tagged: Brent Yonts

The state pension system would not transition to a hybrid 401K-style plan in an amended version of the pension reform bill.

The amended bill also only allows plans to set up a new 11-person committee to provide direct oversight over the pension systems.

And cost of living adjustments are no longer banned under the bill, but can only be allowed if there is a surplus in the retirement systems or if lawmakers prepay for the expense.

The House State Government Committee passed the amended Senate Bill 2 on Tuesday on a party line vote. Many Republican members passing on their votes.

Democratic state Representative Brent Yonts of Greenville could be in line to become the next chairman of the House State Government Committee, a key post with the legislature working to find a way to restore solvency to the pension program for government retirees in Kentucky.

House Speaker Greg Stumbo said he intends to nominate Yonts for the position and that he considers Yonts a front runner.

Lawmakers have been trying to find a way to erase a $33 billion unfunded liability in the pension system. A legislative task force that spent months studying the issue recommended pumping in more money without saying where that money would come from.