| Last Action | signed by Governor (Acts ch. 164) |
|---|---|
| Title | AN ACT relating to the Kentucky teachers' retirement system and declaring an emergency. |
| Bill Documents |
Bill
|
| Impact Statements | Actuarial Analysis |
| Bill Request Number | 1933 |
| Sponsor | C. Rollins II |
| Summary of Original Version | Create a new section of KRS 161.220 to 161.716 to establish a medical insurance trust fund under Section 115 of the Internal Revenue Code to supplement the current Section 401(h) medical insurance trust fund; amend KRS 161.155 to clarify when paid sick leave is used for retirement calculation purposes; amend KRS 161.220 to clarify that retirement system membership is determined by the job classification, not by an individual position; amend KRS 161.340 to specifically reference commodities as those goods and services for which the board may contract; amend KRS 161.480 to provide that in the event of marriage, the member's spouse, not the estate by default, will be the beneficiary for receipt of any refund of the member's account in the event of the member's death; provide that marriage will terminate the designation of a trust as beneficiary; amend KRS 161.540 to replace reference to university faculty with reference to university employees who participate in the system; amend KRS 161.553 to update the funding schedule; amend KRS 161.585 to provide exception for the system to release information in response to a lawfully issued subpoena or order issued by a court of law; amend KRS 161.605 to replace the current floor daily wage threshold which is equivalent to the base contract salary for a beginning teacher on the salary schedule with a base of $170 per day; delete the provision that allows the Kentucky Department of Education to employ retirees under the critical shortage program to provide technical assistance to schools and districts required under federal law; amend KRS 161.620 to clarify that the 3% factor is available to individuals who became members on or after July 1, 2008 only under the conditions as it is available to those individuals who became members before July 1, 2008; amend KRS 161.630 to eliminate the description "option" from the reference to "life annuity with refundable balance option"; amend KRS 161.655 to provide that marriage will terminate the designation of a trust as beneficiary; EMERGENCY. |
| Index Headings of Original Version |
Actuarial Analysis - Kentucky Teachers' Retirement system, omnibus bill Education, Elementary and Secondary - Teachers, retirement system, omnibus bill Retirement and Pensions - Kentucky Teachers' Retirement system, omnibus bill State Agencies - Kentucky Teachers' Retirement system, omnibus bill Teachers - Retirement system, omnibus bill Universities and Colleges - Retirement system, omnibus bill |
| Proposed Amendments | Senate Committee Substitute 1 |
| Votes | Vote History |
| 02/26/10 |
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|---|---|
| 03/02/10 |
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| 03/04/10 |
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| 03/05/10 |
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| 03/11/10 |
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| 03/12/10 |
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| 03/15/10 |
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| 03/19/10 |
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| 03/23/10 |
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| 03/24/10 |
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| 04/14/10 |
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| 04/15/10 |
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| 04/26/10 |
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| Amendment | Senate Committee Substitute 1 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Retain original provisions, except make technical corrections and amend KRS 161.585 to strike amendments allowing the systems to recover travel and administrative expenses when an employee of the systems is required to travel to provide testimony or records in response to a subpoena. |
| Index Headings |
Actuarial Analysis - Kentucky Teachers' Retirement system, omnibus bill Education, Elementary and Secondary - Teachers, retirement system, omnibus bill Retirement and Pensions - Kentucky Teachers' Retirement system, omnibus bill State Agencies - Kentucky Teachers' Retirement system, omnibus bill Teachers - Retirement system, omnibus bill Universities and Colleges - Retirement system, omnibus bill |
Last updated: 8/28/2019 7:34 AM (EDT)