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News Brief

June 21, 2013Des Moines, IA |  By: AP

Policy Pensions Vetoed

Gov. Terry Branstad has vetoed providing extra money to the state public safety retirement system.

Branstad on Thursday announced that he would not approve a provision backed by the General Assembly to provide about $91 million in state money for the state public safety pension fund. The fund has about 61 percent of the dollars needed to pay projected pension obligations. The measure would have increased that to 80 percent. In a letter explaining the veto, Branstad says taxpayers should not bear all this financial responsibility and that there needs to be a long-term plan to fix the system. Branstad approved funding to pay off some state bonds. He also signed bills dealing with spending on health care, infrastructure spending and the justice system.