With more than $30 billion in unfunded liabilities, Kentucky’s public pension system is nearly bankrupt – and every day that passes without a fix is putting the state and local governments at greater financial risk. The state’s bond rating has been downgraded twice by major rating agencies due to unfunded pension liabilities, meaning it will cost taxpayers more to finance public projects such as new schools. Most recently, Standard & Poor’s lowered the Commonwealth’s overall financial health to 47th best in the country.
Skyrocketing pension costs mean less tax money for education and economic development – investments Kentucky should be making to ensure a strong future for our children, our communities and our state.
The Kentucky General Assembly has a responsible roadmap in the form of Senate Bill 2 that will guide the state to a sustainable solution. It is imperative that the legislation be enacted this session without watering down the recommendations.
Help make sure Kentucky’s pension system is put on the right course. Let your legislators know that Kentucky’s employers won’t consider the 2013 session a success unless meaningful pension reform is enacted.
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