The head of Kentucky’s Chamber of Commerce says he’s not giving up hopes that lawmakers will fix the state’s troubled pension systems.
Dave Adkisson says his group was disappointed that the recent General Assembly failed to pass both a $3.3 billion dollar bond issue to support the pension fund for teachers, and a bill mandating an independent study of that program.
Adkisson says legislators must eventually act in order to protect not only pensioners, but also the state’s bond rating.
“If Western Kentucky University is building a new building, if you’re building a new city hall, a new courthouse, a new highway, a new dormitory—those things can cost more because the bonds are lower-rates, and the interest rates are higher.”
The teacher’s pension system only has 53-percent of the money it needs to make future payouts to about 141,000 retired teachers. Earlier this year, KTRS officials said if bonds weren’t issued, the state’s required contributions to the system would double by 2026.
Adkisson, a former mayor of Owensboro, also said Tuesday that he hopes the state’s next governor will stick with changes made to Kentucky’s academic standards.