Governor signs pension spiking bill into law
A House bill aimed at preventing pension spiking in Kentucky's public pensions systems has been signed into law by Governor Beshear. The legislation, known as HB220, seeks to curb practices that artificially inflate retirement benefits for certain employees.
The bill specifically targets the manipulation of salaries and overtime payments near retirement to boost final payouts. It includes measures to ensure transparency and accountability in pension calculations, aiming to protect the integrity of public pension systems administered by the Kentucky Public Pensions Authority.
Chief sponsor Representative J. Blanton, along with co-authors C. Fugate and G. Brown Jr., championed the bill through both chambers. The legislation has now been signed into law after passing unanimously in both the House and Senate.
The Governor signed HB220 on April 16, following its enrollment by the Speaker of the House and the President of the Senate. The bill is now law and will take effect as outlined in Acts Chapter 189.
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