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HB 622 (BR 1656) - G. Stumbo, L. Combs
AN ACT relating to the Kentucky Community and Technical College System.
Create a new section of KRS Chapter 164 to direct the Kentucky Community and Technical College System to operate the East Kentucky Science Center and Planetarium on the campus of the Big Sandy Community and Technical College; the science center and planetarium shall advance science, mathematics, and technology; the president of the Kentucky Community and Technical College System shall appoint an advisory committee representative of the various educational and community entities in the region; the initial committee shall include the members who were serving on the board of directors of the East Kentucky Science Center on the effective date of this Act who shall continue to serve until their terms expire; require transfer of assets and employees to KCTCS.
HB 622 - AMENDMENTS
SCS - Create a new section of KRS Chapter 6 to establish a Kentucky Pension Investment Review Commission and to create a new permanent subcommittee of the Legislative Research Commission to be known as the Public Employee Benefit Oversight Committee; amend KRS 6.350 to establish new procedures for the completion of the required actuarial analysis for bills pertaining to state-administered retirement systems; amend KRS 6.505 to increase the employee contribution to six percent for legislators entering the Legislators' Retirement Plan on or after July 1, 2008, and to make exceptions to the requirement; amend KRS 6.521 and 21.580 to establish a COLA based upon the CPI-U for legislative and judicial retirees age 65 or older if the individual retired prior to July 1, 2008, a COLA of 1.5percent for legislative and judicial retirees under age 65 if the individual retired prior to July 1, 2008, and a COLA of 1.5percent for legislators and judges retiring after July 1, 2008; amend KRS 21.360 to increase the employee contribution to six percent for judges entering the Judicial Retirement Plan on or after July 1, 2008; amend KRS 16.505 to include employee contributions and interest credited to the member's supplemental account in the definition of "accumulated contributions," to exclude lump-sum payments for compensatory time from creditable compensation for employees hired on or after July 1, 2008, and change the definition of "final compensation," "normal retirement date," and "early retirement date" for employees hired on or after July 1, 2008; amend KRS 16.545 to require SPRS members who begin participating on or after July 1, 2008 to contribute 7percent of their creditable compensation; amend KRS 16.560 to provide SPRS employees hired on or after July 1, 2008 with interest credited to their account of 2.5percent; amend KRS 16.576 to set the base benefit factor to 1.6 percent for SPRS employees hired on or after July 1, 2008 and for KERS and CERS hazardous duty employees hired on or after July 1, 2008; amend KRS 16.577 to provide that an SPRS employee hired on or after July 1, 2008 or a KERS or CERS hazardous duty employee hired on or after July 1, 2008, shall be eligible to retire at 25 years of service; amend KRS 61.510 and 78.510 to include employee contributions and interest credited to the member's supplemental account in the definition of "accumulated contributions," provide that creditable compensation for KERS employees hired on or after July 1, 2008, shall not include lump-sum payments for compensatory time at retirement, and change the definition of "final compensation" for KERS members hired on or after July 1, 2008; amend KRS 61.546 to provide that the cost of sick leave for KERS and SPRS members will be paid by the last participating employer and limit sick leave service credit to 12 months and for determination of benefits only for KERS and SPRS employees hired on or after July 1, 2008; amend KRS 61.5525 to require service purchases made on or after July 1, 2008, to reflect full actuarial cost; to amend KRS 61.559 to change the requirements for retirement eligibility for non-hazardous KERS and CERS employees hired on or after July 1, 2008 to an age and years of service combination of 87 years with a minimum age of 57, age 62 with 10 years of service, or age 65 with 5 years of service; amend KRS 61.560 and 78.610 to require those KERS and CERS employees hired after July 1, 2008 to contribute 4percent of their creditable compensation; amend KRS 61.565 to implement a plan towards funding the actuarially required contributions rates and to make technical changes; amend KRS 61.592 to establish a new definition of hazardous duty for CERS employees hired on or after July 1, 2008 and to require the agency to recertify new employees to the retirement systems; amend KRS 61.595 to implement a base benefit factor of 1.15percent for up to 30 years service and 1.3percent for 30 or more years of service for members of KERS or CERS nonhazardous who begin participating on or after July 1, 2008; amend KRS 61.635 to provide that the partial lump-sum payment option shall only be provided to KERS, CERS, and SPRS employees retiring on or before July 1, 2008; amend KRS 61.637 to establish new requirements for KERS, CERS, and SPRS retirees who are reemployed on or after July 1, 2008; amend KRS 61.645 to provide the administration of LGERS shall be accomplished by the KRS board of trustees, to limit KERS, CERS, and SPRS elected trustees to three terms, to require the board to establish a formal trustee education program, and to require the systems to post specific board administration, financial, and investment materials to the systems' website; amend KRS 61.691 to establish a COLA based upon the CPI-U for KERS, CERS, and SPRS retirees age 65 or older if the individual retired prior to July 1, 2008, a COLA of 1.5percent for KERS, CERS, and SPRS retirees under age 65 if the individual retired prior to July 1, 2008, and a COLA of 1.5percent for KERS, CERS, and SPRS retirees who retire after July 1, 2008; amend KRS 16.652, 61.692, and 78.852 to limit inviolable contract on future legislation enacted after the effective date of the Act; amend 61.701 to make technical the Kentucky Retirement Systems Insurance Trust Fund; amend KRS 61.702 to require employers participating in SPRS, CERS, and KERS to deduct 1percent from the creditable compensation of each member having a membership date on or after July 1, 2008 and to establish new age and service requirements for health benefits for KERS, CERS, and SPRS employees hired on or after July 1, 2008; amend 78.616 to limit sick leave service credit for CERS employees hired on or after July 1, 2008 to 12 months; create new section of KRS Chapter 61 to establish the supplemental account for employees hired on or after July 1, 2008, require employees to contribute 1percent of pay towards the supplemental benefit, provide an additional benefit factor of 0.6percent for KERS and CERS non-hazardous employees hired on or after July 1, 2008, provide an additional benefit factor of 0.65percent for SPRS and KERS and CERS hazardous employees hired on or after July 1, 2008, and provide that the additional benefit is not part of the inviolable contract; create new sections of a KRS Chapter 78A to establish the Local Government Employees Retirement System for city and county employers and to provide similar benefit structures as CERS; amend KRS 161.155 to set sick leave maximum for retirement purposes at 300 days for school employees and teachers; amend KRS 161.220 to remove annual compensation and compensatory leave paid at retirement from calculation of retirement benefits and to establish fixed 2.5percent interest rate on member contribution accounts for KTRS employees hired on or after July 1, 2008; amend KRS 161.250 to limit KTRS elected trustees to three terms, to require the board to establish a formal trustee education program, and to require the systems to post specific board administration, financial, and investment materials to the systems website; amend KRS 161.420 and 161.540 to require KTRS employees hired on or after July 1, 2008 to pay an additional 1percent in contributions for retiree health benefits; amend KRS 161.545 and 161.5465 to provide that KTRS employees hired on or after July 1, 2008, shall not be eligible to purchase noncurrent leave and air-time, except that upon retirement the new KTRS employee may purchase up to 10 months of air-time to complete the 27 year requirement; amend KRS 161.600 to increase service requirement from 5 to 10 years for a KTRS employee who is hired on or after July 1, 2008; amend KRS 161.605 to provide an additional option for reemployment after retirement for KTRS retirees who wish to return to work; amend KRS 161.620 to establish new benefit multipliers for KTRS employees hired on or after July 1, 2008; amend KRS 161.675 to require KTRS employees hired on or after July 1, 2008, to have at least 15 years of service in order to be eligible for retiree health benefits after retirement; repeal 161.603; establish the CERS contributions for the 2008-2010 biennium; require the Interim Joint Committee on State Government and the Public Employee Benefits Oversight Committee to study various issues including governance structures of the LGERS system, what retirement system classified school board should participate in, and benefits for employees hired on or after July 1, 2008; declare an EMERGENCY.
SCA (1/Title, D. Williams) - Make title amendment.
Feb 25-introduced in House
Feb 26-to Education (H)
Feb 29-posted in committee
Mar 4-reported favorably, 1st reading, to Calendar
Mar 5-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, March 6, 2008
Mar 6-3rd reading, passed 94-0
Mar 7-received in Senate
Mar 11-to Education (S)
Apr 2-taken from committee Education (S); 1st reading; returned to Education (S); reported favorably; to Consent Calendar
Apr 14-2nd reading, to Rules
Apr 15-recommitted to State & Local Government (S); reported favorably, to Rules with Committee Substitute, committee amendment (1-title) ; posted for passage in the Regular Orders of the Day for Tuesday, April 15, 2008; passed 31-7 with Committee Substitute, committee amendment (1-title) ; received in House; to Rules (H)
Vote History
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