06RS HB555


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HB 555/FN/AA (BR 1914) - F. Rasche, R. Palumbo

     AN ACT relating to retired teachers, making an appropriation therefor, and declaring an emergency.
     Amend KRS 161.550 to require each employer paying into the Kentucky Teachers' Retirement System to contribute annually an additional amount as necessary to discharge the system's unfunded actuarial accrued liability over a 30-year period; amend KRS 161.553 to delete obsolete language and update the chart that sets out the appropriations needed to pay the annuitants; provide for the state to pay for medical insurance for annuitants; amend KRS 161.620 to provide an ad hoc cost-of-living increase of 2.1% for the 2006-2007 fiscal year and to provide an ad hoc cost-of-living increase of 1% for the 2007-2008 fiscal year; amend KRS 161.661 to permit retirees who became eligible for disability retirement before July 1, 2002, to accrue income up to $40,000, rather than $27,000; amend KRS 161.520 to conform; APPROPRIATION; EMERGENCY.


     HCS/FN/AA - Retain original provisions except make amendments to conform the language to funding and provisions included in the budget; require the teachers' retirement system to study pension obligation bonds.

     Feb 10-introduced in House
     Feb 13-to Education (H)
     Feb 17-reassigned to Appropriations and Revenue (H)
     Mar 1-posted in committee
     Mar 10-reported favorably, 1st reading, to Calendar with Committee Substitute
     Mar 13-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Tuesday, March 14, 2006
     Mar 14-3rd reading, passed 98-0 with Committee Substitute
     Mar 15-received in Senate
     Mar 17-to Appropriations and Revenue (S)
     Mar 21-taken from committee; 1st reading, to Calendar
     Mar 22-2nd reading; returned to Appropriations and Revenue (S)
     Apr 10-reported favorably, to Rules
     Apr 11-posted for passage in the Regular Orders of the Day for Tuesday, April 11, 2006; 3rd reading, passed 37-0; received in House; enrolled, signed by Speaker of the House
     Apr 12-enrolled, signed by President of the Senate; delivered to Governor
     Apr 21-signed by Governor (Acts ch. 189)

Vote History

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