Gov. Matt Bevin, state House Speaker Jeff Hoover and Senate President Robert Stivers will announce the plan Wednesday at 9 a.m. in the state Capitol. All are Republicans.
The state Legislature is not scheduled to reconvene until Jan. 2. But Bevin has vowed to call lawmakers back to Frankfort for a special legislative session to take up the pension bill.
Kentucky's pension system is among the worst funded in the country. The state is at least $33 billion short of the money that will be required to pay retirement benefits over the next 30 years. More than 400,000 people are members of the state's various public pension systems.
