Kentucky Chamber announces support for proposed pension framework

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The Kentucky Chamber of Commerce Board of Directors came out in strong support Thursday of the proposed pension reform framework offered by Gov. Matt Bevin, Senate President Robert Stivers and House Speaker Jeff Hoover.

A press release by the Kentucky Chamber stated in part: “The ‘Keeping the Promise’ framework offers an unprecedented opportunity to make meaningful, sustainable changes in Kentucky’s public pension systems to address the crisis that threatens the financial viability of the state.”

The release also stated “inaction is not an option.”

The Chamber gave examples of some of the proposal’s positive elements:

-Stops out-of-control increases in the state’s pension debt and creates a plan to pay off that debt

-Addresses the critical need for immediate action

-Protects the benefits of current retirees

-Makes public employment more attractive to younger workers who value the flexibility and portability provided by defined contribution plans

-Tells national credit rating agencies that Kentucky is serious about pension reform, improving the state’s prospects for upgraded ratings and lower public borrowing costs

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