| Last Action | signed by Governor (Acts Ch. 78) |
|---|---|
| Title | AN ACT relating to teacher retirement and declaring an emergency. |
| Bill Documents |
Bill
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| Impact Statements | Actuarial Analysis |
| Bill Request Number | 1068 |
| Sponsor | F. Rasche |
| Summary of Original Version | Amend KRS 61.680 to include reference to the Kentucky Teachers' Retirement System as one of the retirement systems in which nonelected employees may participate as appropriate; amend KRS 161.220 to specify that experience substitution clauses only apply to employees of the Kentucky Department of Education who have a four-year degree; exclude awards program from definition of "annual compensation"; amend KRS 161.310 to clarify retirement incentive; amend KRS 161.340 to require transfer of leave balances from the Kentucky Teachers' Retirement System to other Executive Department agencies; amend KRS 161.480 to specify procedures for designating beneficiaries and the effect of failure to make a designation; amend KRS 161.515 to specify that out-of-state teaching service is purchasable only at full actuarial cost; indicate retirement factors for purchase of out-of-state service; amend KRS 161.520 to specify procedures for account refunds, in lieu of survivor allowances, by parents, or legal guardians on behalf of their children; amend KRS 161.522 to specify that the spouse, only if designated as the primary beneficiary, is eligible for an actuarially equivalent annuity; specify that an actuarially equivalent annuity is available only during the disability entitlement period; amend KRS 161.540 to clarify that the university retirement system includes not only faculty but staff as well; amend KRS 161.545 to specify that only leaves of absence granted during full-time employment are eligible for purchase; specify that non-current leave may be purchased; amend KRS 161.553 to update funding schedule; amend KRS 161.580 to permit furnishing the summary plan description by posting on the Kentucky Teachers' Retirement Web site; amend KRS 161.600 to specify that a member may withdraw his or her retirement application, or change his or her retirement option, at any time up until the 15th day of the month for which the member has made application for retirement; amend KRS 161.605 to emphasize that nonqualified service credit, whether purchased from the Kentucky Teachers' Retirement System or the Kentucky Retirement System, shall not count toward the thirty (30) years needed to return to work at seventy-five percent (75%) of last annual compensation; permit out-of-state public school teaching services, grades kindergarten through twelve, to count after verification toward the thirty (30) years needed to return to work at seventy-five percent (75%) of last annual compensation, even if that out-of-state service is not purchased as service credit; provide that retirees can return to a local school district, without any impact on their retirement allowance, and earn a minimum amount equal to the base contract salary for the lowest rank and step on the salary schedule of the district in which they are returning to work; designate that return to work provisions apply to retirees who return in adjunct instructor positions; amend KRS 161.612 to specify that members providing part-time and substitute services participate in the retirement system; exclude minimum value benefit adjustments; amend KRS 161.614 to permit the retirement system to acknowledge legally binding arbitration awards in adjusting salary and service credit; amend KRS 161.620 to allow ad hoc cost of living adjustments, dependent upon funding, with a catch up ad hoc cost of living adjustment for the first year of the biennium; amend KRS 161.623 to emphasize that sick leave cannot be used to meet retirement eligibility in the Kentucky Teachers' Retirement System even if that sick leave is accredited in another state-administered retirement system; amend KRS 161.630 to permit retirees to remove a beneficiary at any time but may not designate a replacement beneficiary, and with no change to the amount of their retirement allowance, even if the removed beneficiary predeceases them; amend KRS 161.640 to specify that retirement allowances are payable only to the retiree; specify that retirement allowances for retirees in nursing or assisted care homes may be paid to the nursing or assisted care home and payment may be by mail; amend KRS 161.650 and KRS 166.655 to clarify instructions on designation beneficiaries and the effect of a beneficiary predeceasing the member; amend KRS 161.675 to specify that retirees cannot have medical insurance coverage in more than one state-administered retirement system, even if they separate their accounts; amend KRS 161.046 to conform to KRS 161.603 and KRS 161.605 if a retired member of Kentucky Teachers' Retirement System resumes employment as an adjunct instructor; EMERGENCY. |
| Index Headings of Original Version |
Education, Elementary and Secondary - Teachers, retirement Education, Finance - Kentucky Teachers' Retirement System, funding schedule Effective Dates, Emergency - BR 1068, July 1, 2008 Retirement and Pensions - Membership, beneficiaries State Agencies - Retirement system, participation State Employees - Nonelected agency employee, participation requirement Teachers - Kentucky Teachers' Retirement System, membership and beneficiaries Actuarial Analysis - Kentucky Teachers' Retirement System, membership and beneficiaries |
| Proposed Amendments |
House Committee Amendment 1 Senate Committee Substitute 1 |
| Votes | Vote History |
| 02/06/08 |
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| 02/07/08 |
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| 02/08/08 |
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| 02/19/08 |
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| 02/20/08 |
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| 02/21/08 |
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| 02/26/08 |
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| 02/27/08 |
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| 02/29/08 |
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| 03/20/08 |
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| 03/21/08 |
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| 03/24/08 |
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| 03/27/08 |
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| 03/28/08 |
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| 04/01/08 |
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| 04/11/08 |
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| Amendment | House Committee Amendment 1 |
|---|---|
| Sponsor | F. Rasche |
| Summary | Make technical corrections. |
| Index Headings |
Education, Elementary and Secondary - Teachers, retirement Education, Finance - Kentucky Teachers' Retirement System, funding schedule Effective Dates, Emergency - BR 1068, July 1, 2008 Retirement and Pensions - Membership, beneficiaries State Agencies - Retirement system, participation State Employees - Nonelected agency employee, participation requirement Teachers - Kentucky Teachers' Retirement System, membership and beneficiaries Actuarial Analysis - Kentucky Teachers' Retirement System, membership and beneficiaries |
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Add section to amend KRS 161.567 to permit mutual fund accounts under the optional retirement plans; permit up to four companies rather than three companies from which the postsecondary education institution may purchase contracts. |
| Index Headings |
Education, Elementary and Secondary - Teachers, retirement Education, Finance - Kentucky Teachers' Retirement System, funding schedule Effective Dates, Emergency - BR 1068, July 1, 2008 Retirement and Pensions - Membership, beneficiaries State Agencies - Retirement system, participation State Employees - Nonelected agency employee, participation requirement Teachers - Kentucky Teachers' Retirement System, membership and beneficiaries Actuarial Analysis - Kentucky Teachers' Retirement System, membership and beneficiaries |
Last updated: 8/28/2019 8:09 AM (EDT)