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House Bill 406

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Last Action 02/22/18: to Appropriations & Revenue (H)
Title AN ACT relating to employer funding for the County Employees Retirement System and declaring an emergency.
Bill Documents Introduced
Fiscal Impact Statements Actuarial Analysis
Fiscal Note
Bill Request Number 1687
Sponsors R. Adkins, G. Brown Jr, T. Burch, M. Cantrell, J. Donohue, K. Flood, A. Gentry, D. Graham, C. Harris, J. Jenkins, D. Keene, M. Marzian, R. Meyer, C. Miller, R. Nelson, S. Overly, R. Rand, J. Richards, S. Riggs, A. Simpson, J. Sims Jr, W. Stone, J. Wayne
Summary of Original Version Amend KRS 61.565 to establish a phase-in of the actuarially required employer contributions to the County Employees Retirement System (CERS) so that by July 1, 2024, the full actuarially required contribution rate is paid; provide that the maximum annual increase in projected dollars paid shall not exceed 10% of the value from the prior fiscal year through June 30, 2023, provide that rates payable by CERS employers from July 1, 2018, to June 30, 2023; shall be based upon the assumptions established in the 2017 actuarial valuation; require the systems' board of trustees to amend employer rates payable on or after July 1, 2018, accordingly; EMERGENCY.
Index Headings of Original Version Actuarial Analysis - County Employees Retirement System, phase-in to full actuarially required contribution rate
Effective Dates, Emergency - County Employees Retirement System, phase-in to full actuarially required contribution rate
Local Government - County Employees Retirement System, phase-in to full actuarially required contribution rate
Public Officers and Employees - County Employees Retirement System, phase-in to full actuarially required contribution rate
Retirement and Pensions - County Employees Retirement System, phase-in to full actuarially required contribution rate
Fiscal Note - County Employees Retirement System, phase-in to full actuarially required contribution rate

Actions

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02/20/18
  • introduced in House
02/22/18
  • to Appropriations & Revenue (H)


Last updated: 9/1/2020 2:57 PM (EDT)
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