Special session won’t be called to address Kentucky pension system

He wanted to put lawmakers in a position to tackle the failing pension system, but in Monday in Frankfort lawmakers say time ran out.

A committee has been tasked with overseeing the state’s public pension system as lawmakers work to find a solution. The committees co-chair acknowledged that pension reform will now likely happen during the 2018 regular session.

“The clock has run out which is unfortunate because I thought it was important that we do have a special session to address this,” said Senator Joe Bowen.

Unfortunate because Senator Bowen says he feels it would be more efficient to take up in a specially called session.

“Less waste of taxpayer money than wasting time during a regular session. That’s one man’s opinion,” Senator Bowen said.

Another topic addressed today is why not handle tax reform ahead of tackling the pension crisis.

The committee ultimately got a year-end review of each of the state’s retirement systems. Lawmakers say that shows the dire need for reform.

The senate says they do have a draft of a bill containing several modifications requested and hope to take it up in the first couple weeks of the session. The upcoming regular session is a budget session.