Boswell weighing options, with retirement a possibility

State Sen. David Boswell said Tuesday that a retirement window closing at the end of the year has him weighing his options for the future. 

Boswell has two years remaining on his fifth term in the Kentucky Senate and mounted an unsuccessful run to represent Kentucky’s 2nd District in Congress next year. Boswell, a Sorgho Democrat, lost to fellow state senator and Bowling Green Republican Brett Guthrie on Nov. 4.

David Boswell

David Boswell

“The election has nothing to do with it,” Boswell said about his future plans. “What this is all about – it has to do with my family and my future and my retirement benefits.”

Boswell said there will be a significant decrease in his retirement benefits if he waits until after Jan. 1 2009 to retire.

After the first of the year, Boswell and other state employees will see the basis of their retirement benefits change from the average of their highest three years of compensation to the average from their highest five years. 

As a state legislator, and one who was first elected to the General Assembly in the late 1970s, Boswell will enjoy one of the highest “multipliers” to determine his retirement benefits. The multiplier is used along with years of service and salary rates to determine the benefit rate.

Along with 18 years in the Kentucky Senate, Boswell spent four years as state agriculture commission in the 1980s and three terms in the state House beginning in 1978 for a total of 28 years in state government. 

Boswell was sales and marketing director for the Executive Inn Rivermont in Owensboro until it closed June 9 after new owners took over. 

Although he said he was considering retirement, Boswell said he hasn’t given “a whole lot of thought to it.” While retirement is an option, so is completing his current term and running for additional terms, Boswell said. 

“That’s about all the comment I have to make on it,” Boswell said.

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