Governor Matt Bevin is urging current and retired state workers in Kentucky to pressure lawmakers to act on revamping one of the nation’s worst-funded public pension plans. Bevin said in a four-minute video Saturday night that if structural changes aren’t made, the teachers’ retirement system will likely run out of money in 12 to 15 years. Bevin suggests that residents contact lawmakers “and say ‘don’t allow this to fail on our watch.'” The plan to overhaul Kentucky’s public pension systems has stalled in the Senate. The measure would cut benefits for some retired teachers while making structural changes some lawmakers say are necessary to save the retirement system from collapse. Supporters tout it as a way to reap an estimated $3.2 billion in taxpayer savings over the next 20 years.
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