| Last Action | 02/12/18: to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to legislators' retirement benefits. |
| Bill Documents | Introduced |
| Fiscal Impact Statements |
Actuarial Analysis
Fiscal Note |
| Bill Request Number | 1242 |
| Sponsor | J. Kay |
| Summary of Original Version | Create a new section of KRS 6.500 to 6.577 to close the Legislators’ Retirement Plan (LRP) to new members and require new legislators to participate as nonhazardous members of the Kentucky Employees Retirement System (KERS NH); for members with a participation date on or after January 1, 2014, move existing hybrid cash balance accumulated account balance to the KERS NH hybrid cash balance plan; for members with a participation date prior to January 1, 2014, provide that service credit previously accrued in the Legislators’ Retirement System remain in LRP, but future retirement benefits shall accrue in KERS NH; provide that future legislative retirees on or after the effective date of the Act, have LRP benefits calculated based solely upon legislative salary with no salary reciprocity; amend KRS 61.510 to provide that, for future legislator benefits accrued in KERS NH, “final compensation” is the creditable compensation of the member during all fiscal years of service accrued as a member of the General Assembly on or after the effective date of the Act, divided by the number of years of service as a member of the General Assembly on or after the effective date of the Act; provide that for legislators, “membership date” is the date upon which the member began participating in any of the state-administered retirement systems; amend KRS 6.500, 6.505, 6.515, 6.520, and 6.525 to make conforming/technical changes. |
| Index Headings of Original Version |
Actuarial Analysis - General Assembly, retirement and pensions, closure of Legislators' Retirement Plan Fiscal Note - General Assembly, retirement and pensions, closure of Legislators' Retirement Plan General Assembly - Pensions, closure of Legislators' Retirement Plan and transfer of new and existing members Retirement and Pensions - Legislators' Retirement Plan, closure, new and existing members transferred to KERS nonhazardous State Agencies - General Assembly, retirement and pensions, closure of Legislators' Retirement Plan Actuarial Analysis - General Assembly, retirement and pensions, closure of Legislators' Retirement Plan |
| 02/08/18 |
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| 02/12/18 |
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Last updated: 9/1/2020 2:57 PM (EDT)
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