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Credit WFPL   A bill reforming the teacher pension system for new hires cleared the Kentucky State House Thursday afternoon, less than two hours after coming out of a legislative committee. The bill would put teachers hired after Jan. 2022 into a different “tier” than current employees. The new tier would have a smaller defined benefit than the existing plan, but would also have an additional defined contribution, meaning retirees’ total benefits could fluctuate more based on the stock market. But the bill’s sponsor, Rep. Ed Massey (R-Boone), said the average payment would be 74% of the teacher’s salary, similar to salary replacement for the current plan and would save the state $3.57 billion over the next 30 years.

Jefferson countyUnited statesEddie campbellEd masseyr booneMatt bevinBrent mckimPatti minterKentucky council on postsecondary educationKentucky association of school administratorsKentucky education associationJefferson county teachers associationKentucky association of school superintendentsKentucky state house thursdayGreat recessionHouse democratsKentucky association