Governor Matt Bevin unveiled the plan Wednesday. The Governor spoke with West Kentucky Star on Thursday.
"I would encourage people to go to kentuckypensions.com and they can read for themselves the highlights of the plan. And realize that indeed it is a very, very good plan for saving the system, and guaranteeing that the people that are funding the system have light at the end of the tunnel," Bevin told the Star.
Bevin said the plan was drafted with input from all kinds of state employees, and they tried to satisfy as many as possible while making the plan solvent over the next 30 years.
Current workers would continue in the current system until they turn 65 or hit 27 years of service, when they would be moved into a 401(k)-style plan.
Despite recommendations from a consultant, the plan does not have a "clawback" of previously-awarded COLA for current retirees, so there will be no reduction in their pension checks.
Hazardous duty workers, such as police officers and firefighters, will continue in the same system they are in now.
He said legislators who must vote on the proposal in a special session will see a big change in their pension plans.