Gov. Matt Bevin announced at a press conference today in Frankfort that he is calling a special legislative session this week to address Kentucky's looming public pension crisis.
The Governor issued the following statement:
"Today, I am convening the General Assembly into special session to enact vital legislation that will be a meaningful first step toward shoring up our dying pension system. We stand at the threshold of financial failure. That is not acceptable.
Kentucky's pension crisis represents the single greatest threat to the long-term financial health of the Commonwealth. Last week's decision by the Supreme Court to strike down SB 151, based solely on process, and with utter disregard for legal precedent and the separation of powers, has only served to create further uncertainty, fear and the likelihood of financial insolvency. Only the General Assembly has the authority and responsibility to pass laws to fix this pension debacle.
For the sake of all current and future Kentuckians, the legislature must act immediately before the Commonwealth incurs further credit downgrades that will cost tens of millions of dollars for taxpayers and further limit the Commonwealth's ability to pay for essential services, including education and healthcare. I am confident that the General Assembly can, and will, do exactly that.
The elected lawmakers of Kentucky have a moral and legal responsibility to save the pension system from collapsing so that we can deliver on the promises made to our public employees.
The next generation is depending on the legislators of today to take swift, decisive action that will place Kentucky on solid financial footing. Time is not our ally.
The entire executive branch stands willing to assist the legislative effort in any way possible. I know that we can work together to save Kentucky's pension system. We must not fail. We are Kentucky."
(provided by Commonwealth of Kentucky Governor's Office)
