LOUISVILLE, Ky. (WHAS11) – Governor Matt Bevin has signed the controversial pension reform bill into law.
The Secretary of State’s office says just before 6 p.m. Bevin signed the bill.
The plan drew thousands of protestors at the Capitol as teachers and public employees rallied against the legislation that would end the use of accrued sick days for factoring in retirement dates for current employees, continue cost of living adjustments for current retirees and place new-hires into a hybrid cash retirement account.
With the governor’s signature, the law takes effect Jan. 1, 2019.
Attorney General Andy Beshear said previously that if the governor signed this bill, he would sue to stop it.
After he learned of Bevin's signature of SB151, he announced via Twitter that he planned to 'take action' Wednesday when the courts open.
Beshear filed the lawsuit on Wednesday morning. Kentucky Educators and State FOP have joined suit against Gov. Matt Bevin, Rovert Stivers and the LRC. Click here to see the lawsuit.
Ben Self, the Kentucky Democratic Party chair, also had an immediate reaction to the news.
"By signing this pension-sewage bill, Gov. Bevin and the Republican leadership have just dealt a devastating blow to Kentucky’s public education system, public employees, the teaching profession and benefits for first responders," Ben Self, Kentucky Democratic Party Chair said. "It's obvious that their priorities are to the mega-donors who paid for their campaigns and not the people of Kentucky."
Communications Director Elizabeth Kuhn today issued the following statement on Attorney General Andy Beshear's lawsuit:
“The Beshears have always treated pensions as political currency, so it’s no surprise that Attorney General Beshear filed this political lawsuit today.
Over eight years, former governor Steve Beshear underfunded the pension system by billions, recklessly diverting much needed funds to other causes and allowing the system to become the worst funded in the country.
Now, the Attorney General is carrying on the Beshear family legacy by trying to block a law that will strengthen our pension system.
The Attorney General has threatened litigation since the process began, proving that he cared less about the contents of pension reform and more about scoring political points with the KEA—a reliable source for family fundraising.