Gov. Joe Manchin says many cities are in dire need of restructuring the way they handle these pension funds.

He said the bill would close existing pension plans to new hires.

"Basically, they've got to take care of the people they have a responsibility for," said the governor. "They're going to change into a new system, if they desire, that will be overseen by the Consolidated Public Retirement Board, a state-run operation, and they have a chance to opt into that."

The governor said there is no money involved and that it won't cost more.

And nothing will be taken away, Manchin said.

He said cities simply need a chance to manage, and this gives them a new tool to manage with.