In an interview with Lexington news station WKYT’s Kentucky Newsmakers segment airing this weekend, Kentucky Chamber President and CEO Dave Adkisson will discuss what the business community would like to see out of reforms to the state’s pension and tax systems.
As a group that has been outspoken for many years about the state’s growing pension crisis, Adkisson said the Chamber is watching the situation carefully and working to help policymakers find solutions to the persistent problems within the state’s retirement systems.
Because of this, Adkisson noted that the Chamber’s Pension Task Force has sent a five-page memo with potential solutions to the Bevin administration at the request of State Budget Director John Chilton.
In discussing what reforms the business community would like to see to the pension systems, Adkisson stated that many would like to see the state move toward 401 (k) retirement plans, mirroring those seen in the private sector for future hires.
Adkisson noted retirement age as a key point of the memo, stating that most retirement across the country starts when people are in their mid-60’s and figure now show people are living an average 16 years longer than when the state pension plans were created.
Fixing the pension crisis will require structural changes for future hires as well as more money being placed into the systems, Adkisson said.
On the subject of taxes, Kentucky Newsmakers host Bill Bryant asked what the business community would like to see out of reforms. Adkisson replied by saying the Chamber will be looking to see if a new tax code makes the state more competitive, brings in more revenue for the state, and is made simpler.
Kentucky Newsmakers host Bill Bryant and Chamber President Adkisson also discussed the state of business in Kentucky under the Bevin administration and a GOP legislature, workforce issues facing employers, and federal healthcare.
Tune in to see the full segment on WKYT’s Kentucky Newsmakers this Sunday at 6AM on WKYT and at 10AM on Lexington CW.