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Tags: kentucky | downgraded | standard | poor

Standard & Poor's Rates Ky. Economic Outlook Poor

By    |   Friday, 01 February 2013 01:17 PM EST

Standard & Poor's has downgraded Kentucky's economic outlook from stable to poor because of its under-funded retirement system, a move that will continue to make business leaders uncomfortable unless lawmakers come up with a sweeping plan to overhaul the pension system.

According to The Louisville Courier-Journal, S&P cited unfunded pension liabilities totaling more than $33 billion for all of Kentucky's retirement systems combined.

State Chamber of Commerce President Dave Adkisson told the newspaper that continued inaction on the pension program increases the likelihood of higher business and individual taxes. He said if the 2013 legislative session ends without meaningful pension reform, the state business community will have no other choice "but to call the 2013 session a failure.”

Business interests in the state are so concerned that they've formed a coalition to pressure legislators into passing an overhaul plan that requires full-funding of annual retirement contributions, repeals automatic cost-of-living adjustments, and creates a hybrid retirement plan for future employees.

As a result of the concerns, some lawmakers are planning to file reform measures next week.

Sandy Fitzgerald

Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics. 

© 2024 Newsmax. All rights reserved.


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Standard & Poor's has downgraded Kentucky's economic outlook from stable to poor because of its under-funded retirement system.
kentucky,downgraded,standard,poor
176
2013-17-01
Friday, 01 February 2013 01:17 PM
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