{Frankfort, Kentucky}...Representative Steve Riggs, a Jeffersontown Democrat who is chairman of the House Local Government Committee, has pre-filed a bill for the 2013 General Assembly session that would reduce legislative pension benefits and create a 401(k)-style retirement plan for new lawmakers. The retirement plans for state employees, police, cities and counties, teachers, legislators and the judicial branch are projecting $33 billion in unfunded liabilities over the coming decades. At least five other pre-filed bills and political candidates across the state are seeking similar pension reforms.
