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LOUISVILLE, Ky. (Aug. 28, 2017) – The Kentucky Society of Certified Public Accountants (KyCPA) a statewide, non-profit professional organization serving nearly 5,000 CPAs in public accounting firms, business, industry, government, and education, released the following statement on today’s Public Pension Oversight Board meeting:
“Now that the third and final pension report from the PFM financial consulting firm has been released, all stakeholders can agree on one thing: inaction is not an option. These systems are growing at a rate far higher than general fund revenue growth, and if they are not reformed, the systems could simply run out of money for pay benefits. Already, we are seeing pension funding absorbing dollars that should be going to education and vital services. We cannot fail public retirees and current and future employees, and we cannot fail taxpayers. This fiscal crisis downgrades the Commonwealth's credit standing, raises borrowing costs, and increases future tax liabilities, which all weaken Kentucky's business climate.
“As a group of financial professionals, the Kentucky Society of CPAs is committed to working towards aggressive reforms to our state’s public pension systems. We applaud Gov. Bevin and the General Assembly for pledging to address this critical issue, and we look forward to working with them during the special session later this year.” – KyCPA Chief Executive Officer Penny Gold.
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