Pension reform clears first legislative hurdle
Lawmakers took the first step towards meaningful pension reform today by passing Senate Bill 2 – a bill aimed at fixing the more than $30 billion unfunded liability in Kentucky’s public employee pension system. The bill, which passed unanimously out of the Senate State and Local Government Committee contains recommendations from the task force commissioned to study the state pension system last summer.
Chamber President & CEO Dave Adkisson testified in support of SB 2 and strongly outlined the need for pension reform, just as he did last week when the Chamber and 50 other business groups announced the Business Coalition for Pension Reform.
“The Kentucky General Assembly has a responsible roadmap in the form of SB 2 that will guide the state to a sustainable solution,” said Adkisson. “Every day that passes without significant changes increases the likelihood that employers and citizens of the Commonwealth will be targeted for tax increases to solve this issue. It is imperative we enact this legislation now and refuse to weaken the recommendations.”
SB 2 is scheduled for a vote before the full Senate Thursday. The Chamber will continue to make the case for meaningful pension reform. But we can’t do it alone. Contact your legislators and tell them you expect them to adopt this bi-partisan solution now!