Bill would allow workers to acquire privately-run retirement plans
FRANKFORT, Ky. (Feb. 3, 2015) — State Treasurer Todd Hollenbach today proposed legislation that would allow the commonwealth to act as a catalyst for a privately run retirement savings plan for all Kentuckians who lack access to a plan at their workplace.
Hollenbach said there are 786,000 Kentucky workers who could take advantage of the Kentucky Retirement Account Program (KYRA).
The bill was sponsored by Rep. Martha Jane King (D-Lewisburg).
“The goal of this legislation is to promote financial freedom, give Kentuckians a choice, give employees control, save taxpayer dollars and do it in such a way that there are no ongoing costs or risks to employers or the state,” King said.
Hollenbach said the plan will “be privately administered similar to the management of the Kentucky Deferred Comp system for public employees” and that employees can take the plan with them if they switch jobs.