January 25, 2019 1:45pm
GLI urges a “bold, all-of-the-above strategy” on pension reform
GLI submitted a letter to the Public Pensions Working Group this afternoon, encouraging the Group to pursue a “bold, all-of-the-above strategy” to find a comprehensive and sustainable solution to Kentucky’s pension crisis. “Some suggest an array of different structural reforms with varying degrees of impact. Others propose new sources of revenue and argue that all that is needed is consistent funding and patience while we await the full impact of the reforms from 2013. The reality is that Kentucky needs a bold, all-of-the-above strategy. For a crisis of this magnitude, every option should be on the table,” writes GLI President & CEO Kent Oyler. The letter goes to explain how the crisis is impacting economic growth in Greater Louisville and offers a range of recommendations on what the legislature should do about it.
The Public Pensions Working Group was announced during the first week of the 2019 legislative session. It was charged with reviewing and analyzing the state’s multi-billion dollar public pension crisis. The group is expected to make recommendations to the legislature by February 15, though it also has the option of requesting extensions all the way to December 1. Read more about the Working Group here.