Bevin vetoes HB 362, cites need for 'fiscal responsibility'
LOUISVILLE, KY (WAVE) - Kentucky Gov. Matt Bevin shut down House Bill 362, aimed at giving relief to city and county governments facing increased pension payments.
Bevin announced his veto via news release and social media Thursday afternoon, but it wasn't lost on him that there were positive aspects of the bill, sponsored by Republican Sen. Chris McDaniel.
"To be clear, although this provision is part of the bill I am vetoing, I support and encourage the Kentucky General Assembly to restore this provision in the remaining two days of the 2018 Session," Bevin wrote.
He said passage of the bill would let agencies leave the state's struggling retirement system, allowing them to make payments with no interest, which cost Kentucky taxpayers as much as $2 billion.
"These provisions, as currently written, will lead to cash flow issues and shift even more of the pension burden to future taxpayers," he wrote.
Read the full statement below:
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