Legislation backed by Kentucky Treasurer Todd Hollenbach would create a retirement savings program for Kentuckians whose employers don’t offer a plan.
Hollenbach says the Kentucky Retirement Account would be managed by a private investment firm selected by a seven-person board and would have no fiscal impact on the state.
“It creates no fiduciary obligation on the employers, it’s simply a method by which the state can act as a catalyst to set up a private sector solution to allow people to begin to more easily and affordably plan for retirement," Hollenbach said.
The program is geared toward small businesses with at least five employees that don’t offer retirement plans.
The measure is sponsored by Democratic Rep. Martha Jane King of Lewisburg.
