FORT MITCHELL, Ky. (Nov. 30, 2017) – The Northern Kentucky Chamber of Commerce Board of Directors recently voted to support pension reform that will lead to a healthier business climate and an improved credit rating for the state, while keeping the promise made to Kentucky’s valuable public servants.
The Northern Kentucky Chamber has championed pension reform and transparency over the last five years and continues to advocate for solutions that will ensure the viability of Kentucky’s public pension system into the future.
While the legislation continues to be revised, the Northern Kentucky Chamber encourages the members of the Northern Kentucky Legislative Caucus to continue their work to pass meaningful reform that will address the following principles:
• Halt the out-of-control increases in the state’s pension debt and creates a plan to pay off that debt.
• Show national credit rating agencies that Kentucky is serious about pension reform, improving the state’s prospects for upgraded ratings and lower public borrowing costs.
• Decrease the severity of future funding cuts to other parts of the state budget including investments into transportation infrastructure, P-12 and postsecondary education, healthcare programs, capital projects, and others.
• Protect the cash flow of current and future retirees, which creates a positive impact on Northern Kentucky’s economy on a daily basis.
• Respect the commitment made to outgoing retirees who are already vested in the public pension system.