The Trump administration will unveil a new plan to pay for the $1,500-a-month pension payments of about 1.5 million people, including some members of the president’s administration.
The administration plans a plan for people to take a new defined contribution plan, known as a pension plan.
The plan will provide for the payments of roughly $1 billion a year, officials told reporters.
Under the plan, the pension payments will be split 50/50 between the government and private pension funds, with the former getting a smaller percentage of the payout than the latter.
The government will take a smaller share of the pension contributions.
Officials said the plan will also include a new system for distributing payments to individuals, so that those making higher-than-expected contributions get paid more.
It’s unclear when the new plan will be unveiled.
It will be the first time since President Trump took office that the government has announced a plan to make the payments.
The pension plan will go into effect Jan. 1.