Committee approves $148 million for pension system
A Senate committee has approved a proposal to spend more than $148 million on the State Police Retirement System over the next two years.
If approved by the state legislature, it would be the first money spent from the Kentucky Permanent Pension Fund, which lawmakers created last year at the urging of Republican Gov. Matt Bevin. Lawmakers put $125 million into the fund, plus half of any excess revenues in future years.
While Kentucky retirement systems have larger debts, bill sponsor Republican Sen. Chris McDaniel said 90 cents of every dollar spent on state police has to go to the retirement system - the most of any system.
Additionally, the state road fund pays $25.7 million each year into the police retirement system. McDaniel said this bill would reduce that by $4.6 million.
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