The Kentucky General Assembly passed the Higher Education Pension Reform Bill (HB 358) last Thursday with some changes to the original consensus proposal that passed the House last month. With Governor Bevin’s signature, it will become law.
This bill gives us a path to financial predictability relative to our pension costs. Most importantly, the options provided would allow us the opportunity to avoid the drastic contribution increase from 49 percent to 84 percent.
Key points of this reform bill that would impact NKU include:
1. Remain in KERS and pay the full contribution rate (84 percent) OR
2. Exit the system under the provisions in HB 358.
If the Board of Regents decides to exit the KERS system:
Our three categories of employees, according to the KERS system:
Thank you for all you do for our university, our students and our region. We are grateful for the support in the General Assembly and we will continue to share details with you as we learn more information throughout the process.