( ERLANGER, KY ) -- Kentucky Governor Matt Bevin spoke at Receptions Banquet about the pension plan for the commonwealth that he's trying to pass through the statehouse. Bevin says that while his plan is not perfect, it will help fix what is commonly referred to as the worst pension plan in the entire country.
Under Governor Bevin's pension plan, most future public employees would be put into a 401(k)-style system. Taxpayers would then legally be required to contribute annual payments of $2 billion into the system.
Governor Bevin says that teachers' pension will not be changed, though he believes some aspects of it need to be changed, until the year 2023. Some teachers are saying they are taking a 3% pay cut with this plan, but Bevin disputes that, saying that it is simply 3% that is going towards their healthcare.
Governor Bevin claims to have the votes already, saying that the system is failing and this is the best option to keep it from collapsing. However, he says he is holding off on calling a special session to vote on the proposal to give lawmakers time to first read the plan over.