The Kentucky Chamber of Commerce sent an open letter to members of the General Assembly Wednesday applauding the work that has been done to reform the state’s largest retirement systems but also saying that there is much more to be done to ensure the solvency of the pension systems.
Last summer, the organization called on state Auditor Adam Edelen to do a performance audit of the Kentucky Retirement System. During the 2015 session, bills seeking to address issues of transparency, oversight and other concerns have been filed.
In the letter, written by President and CEO Dave Adkisson, lawmakers are asked to support several bills, including:
‣ HJR 7 that asks the Public Pension Oversight Board to hire an independent actuary.
‣ HB 47 to add the Legislators’ Retirement Plan, the Judicial Retirement Plan and the Kentucky Teachers’ Retirement System to the Public Pension Oversight Board’s review responsibilities.
‣ HB 62 to ensure that any entity wanting to withdraw from the Kentucky Retirement System repays its unfunded liability.
“The pension situation has, by far, the most immediate and consequential implications for the financial well-being of our state,” Adkisson said.
To see a full copy of the letter, click here.
From Kentucky Chamber