Governor Steve Beshear releases few details of pension plan.

Here are the details of the plan that will be filed today:

Highlights of the Kentucky Public Pension Protection and Modernization Act include the following:

Adjustments for Current Teachers, Employees and Retirees:

* Setting the annual cost of living adjustment (COLA) at 1.5 percent, providing equity between the KRS and KTRS. The COLA may be enhanced if approved and pre-funded by the legislature;
* Reducing health insurance costs through the collaboration of all stakeholders, while improving and expanding wellness programs; and
* Reforming provisions for returning retirees that will strengthen the system for current employees, teachers and retirees.

Adjustments for Future Hires:

* Incentives for employees to work longer;
* Longer vesting periods for retirement and health benefits;
* Closing loopholes that provide benefits to few, but significant costs to the state and other retirees;
* Limiting hazardous duty benefits to those who daily risk their lives; and
* Differentiating between long-term, career government employees and short-term hires.