|
HB 418/LM/AA (BR 1486) -
D. Graham, C. Rollins
II, R. Adams, M. Cherry, L.
Combs, M. Dedman Jr, K.
Hall, C. Hoffman, B.
Montell, R. Nelson
AN ACT
relating to retirement.
Amend KRS 61.510 to extend the high-three final
compensation window set to expire January 1, 2009 for those state employees
eligible for the benefit based upon service credit as of December 31, 2008;
amend KRS 61.595 to extend the 2.2 percent benefit factor window set to
expire January 31, 2009 for those state employees eligible for the benefit
based upon service credit as of December 31, 2008 ; amend KRS 78.510 to
extend the high-three final compensation window set to expire January 1,
2009, for those county employees eligible for the benefit based upon
service credit as of December 31, 2008.
HB 418 - AMENDMENTS
HCS/LM/AA - Retain
original provisions; amend KRS 61.701 to make technical amendments to
ensure the trust fund established for retiree health benefits complies with
governmental accounting standards.
SCS/LM/AA - Retain
original provisions; amend various sections of KRS Chapters 16, 18A, 61,
and 78 to create a new defined benefit plan and defined contribution plan
for employees who begin participating in the Kentucky Employees Retirement
System, the County Employees Retirement System, and the State Police
Retirement System on or after July 1, 2008; amend KRS 61.546 to require the
last participating employer in the Kentucky Employees Retirement System or
the State Police Retirement System to pay for the cost of all sick leave
service conversion at retirement; create a new section of KRS Chapter 61 to
allow an employee participating in the Kentucky Employees Retirement
System, the County Employees Retirement System, or the State Police
Retirement System, before July 1, 2008, who has less than 10 years of
service, to make an irrevocable election to participate in the defined
benefit plan structure applicable to employees participating on or after
July 1, 2008; create a new section of KRS Chapter 18A to establish an
employer contribution up to 3 percent to a defined contribution plan
administered by the Kentucky Deferred Compensation Authority Board of
Trustees or by a local government employer for those employees who begin participating
in the Kentucky Employees Retirement System, the County Employees
Retirement System, and the State Police Retirement System on or after July
1, 2008, or who make irrevocable election to participate in the new defined
benefit plan; amend KRS 18A.245 to expand duties of the Kentucky Deferred
Compensation Authority Board of Trustees to include administration of the
defined contribution retirement plan and to allow the board to promulgate
administrative regulations for administration of the plan; amend KRS 61.701
to make technical amendments; create a new section of KRS Chapter 45 to
establish the Public Retirement Systems Oversight Committee and to
designate responsibilities; amend 2006 Kentucky Acts Chapter 252, the
state/executive branch budget bill, to establish the Retirement
Contribution Supplement Trust Fund and appropriate $38,024,700 in fiscal
year 2006-2007 and $39,279,400 in fiscal year 2007-2008 for distribution to
employers covered by the Kentucky Employees Retirement System and the State
Police Retirement System pension funds; dedicate specific amounts to
non-executive branch employing agencies and provide for the state budget
director to distribute the balance as required; specify that moneys
returned to the Retirement Contribution Supplement Trust Fund will be used
to retire pension bond; establish specific rates for each employer
contribution to be returned to the Retirement Contribution Supplement Trust
Fund to retire bond debt; increase the employer contribution rate by 2.75
percent to go to the respective pension funds of the Kentucky Employees
Retirement System and State Police Retirement System; authorize the
issuance of a Pension Fund Bond in the amount of $537,800,000; direct
$498,100,000 to the Kentucky Employees Retirement System non-hazardous
pension fund, $15,900,000 to the Kentucky Employees Retirement System
hazardous pension fund, and $23,800,000 to the State Police Retirement
System pension fund; establish appropriation to the judicial and
legislative branch to cover the increased employer contribution rates;
declare an EMERGENCY.
SCA (1/Title, C.
Borders) - Make title amendment.
SCA (2/AA, C. Borders) - Amend KRS 161.553 to remove
annual amortized payment through 2016 to the Kentucky Teachers' Retirement
System state medical insurance fund; amend 2006 Kentucky Acts Chapter 252,
the state/executive branch budget bill, to authorize the issuance of a
Pension Fund Bond to the Kentucky Teachers' Retirement System in the amount
of $290,000,000 and to appropriate funds to the Retirement Contribution
Supplement Trust Fund for bond payment.
Feb
12-introduced in House
Feb 13-to State Government (H); posted in
committee
Feb 15-reported favorably, 1st reading, to
Calendar with Committee Substitute
Feb 16-2nd reading, to Rules
Feb 22-posted for passage in the Regular
Orders of the Day for Friday, February 23, 2007
Feb 26-3rd reading, passed 99-0 with
Committee Substitute
Feb 27-received in Senate
Feb 28-taken from committee; 1st reading, to
Calendar
Mar 1-2nd reading; to Appropriations &
Revenue (S)
Mar 6-reported favorably, to Rules with
Committee Substitute, committee amendments (1-title) and (2) ; posted for
passage in the Regular Orders of the Day for Tuesday, March 6, 2007; 3rd
reading, passed 35-2 with Committee Substitute, committee amendments
(1-title) and (2)
Mar 7-received in House
Mar 12-posted for passage for concurrence in
Senate Committee Substitute, committee amendments (1-title) and (2); House
refused to concur in Senate Committee Substitute, committee amendments
(1-title) and (2) ; received in Senate; posted for passage for receding
from Senate Committee Substitute, committee amendments (1-title) and (2);
Senate refused to recede from Committee Substitute, committee amendments
(1-title) and (2) ; Conference Committee appointed in House and Senate
Vote History
|
