Large number of Kentucky teachers hold rally against pension changes
FRANKFORT, Ky. - A large number of Kentucky teachers were in Frankfort Monday holding a rally against proposed pension changes, which could alter their retirement plans.
"The People's Movement United We Stand Rally" has brought hundreds of teachers to the capitol building voicing their concerns about the proposed pension reform bill, or Senate Bill 1.
A Senate committee passed the reform bill, but the Senate chose not to vote on it, sending it back to the committee.
One concern some teachers have is they do not receive social security, which makes their pension plan increasingly important for retirement planning.
The bill that was up for consideration would strip some teachers of their cost of living adjustments.
Supporters say the bill would have saved Kentucky taxpayers $3.2 billion over 20 years. Kentucky's pension system is one of the worst-funded in the country.
Protestors are encouraging lawmakers to find new revenue sources before cutting benefits.
The Kentucky Senate did not take any action on SB1 Monday.