November 3, 2017 3:00pm
GLI Supports Proposed Pension Reform Legislation
Lawmakers in Frankfort have filed legislation aimed at fixing the Commonwealth’s pension crisis. Kentucky’s public pension system is one of the worst-funded in the country, with an estimated $64 billion in unfunded liabilities. Without reform, that number will continue to grow, all the while reducing Kentucky’s business competitiveness, crowding out priorities like education, infrastructure, and health care, and putting at risk the financial stability of public retirees.
Pension reform has long been a priority of the Greater Louisville business community, and GLI has played a leading role in raising awareness about the issue, coming up with solutions, and ensuring that reform happens.
Governor Matt Bevin headlined GLI’s Business at Breakfast event in October to connect directly with our investors:
GLI has voiced public support for the pension reform framework:
GLI advocates for defined contribution plans and level-dollar funding:
And GLI stands ready to urge Kentucky’s policy leaders to support reform:
We continue to reach out to legislators from the Greater Louisville region and encourage them to support pension reform:
Kentucky’s unfunded pension liabilities continue to be a threat to our state’s fiscal health. For years, GLI has advocated for system reforms.
Most recently, we crafted an insert on pension reform as an addendum to our 2018 State Legislative Agenda.
Fixing our broken pension system won’t be easy, but it’s a must-do for the Commonwealth. Reform that includes paying off debt with level-dollar amortization and enrolling state workers in portable and generous defined contribution plans will put the state on a sustainable path toward addressing our unfunded liabilities, protecting retiree benefits, and keeping this crisis from happening again.
GLI will continue advocating for reform and policies that enhance Kentucky’s business competitiveness. We encourage our representatives in Frankfort to support pension reform and to take this issue head-on.
Please call your legislators immediately and tell them to support this legislation.
Legislative Message line at 1-800-372-7181
You can identify your personal Representative and Senator at: www.lrc.ky.gov