Kentucky Treasurer Todd Hollenbach unveiled legislation Tuesday he says will give workers without access to a retirement savings plan at their workplace the option of creating a Kentucky Retirement Account.
"It's important that we start thinking about the long game here in Kentucky and taking steps to address something that could become a crisis before it ever does," the treasurer told reporters.
Hollenbach is talking about the estimated 786,000 Kentucky workers who lack access to an employer-based retirement savings plan. Under the KYRA bill, introduced Monday in the House by Rep. Martha Jane King, employees would be able to opt in or out of a privately-run savings plan and have the contributions deducted from their paychecks.
"It's going to be a retirement option based upon a Roth IRA that is optional, affordable, convenient, and portable," he said.
The treasurer says the bill would also allow for exemptions for employers that consider offering the plan a hardship.
A number of states bordering Kentucky, including Illinois and Indiana, have either passed or are weighing similar legislation.
