| Last Action | to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to retirement. |
| Bill Documents |
Bill
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| Impact Statements | Actuarial Analysis |
| Bill Request Number | 1101 |
| Sponsor | D. Parrett |
| Summary of Original Version | Amend KRS 6.505 to close the Legislators' Retirement Plan to new participants effective July 1, 2011, and to provide participation in the Kentucky Employees Retirement System in lieu thereof; amend KRS 6.515 to modify the cost of purchasing active duty military service to the full actuarial cost in the Legislators' Retirement Plan, prohibit service purchases made on or after July 1, 2011, from being used to vest for retiree health benefits in the Legislators' Retirement Plan, and require service purchased on or after July 1, 2011, in the Legislators' Retirement Plan to assume the earliest retirement date and cost-of-living adjustments in determining the appropriate actuarial cost; amend KRS 6.525 to prohibit salary earned in another state-administered system from being used to determine benefits in the Legislators' Retirement Plan if the member does not have service in the other state-administered retirement system prior to July 1, 2011; amend KRS 61.680 to conform and to make a technical amendment. |
| Index Headings of Original Version |
General Assembly - Retirement, close Legislators' Retirement Plan to new members effective July 1, 2011 General Assembly - Retirement, cost of purchasing service credit General Assembly - Retirement, restriction of account consolidation with other state systems Public Officers and Employees - Retirement, close Legislators' Retirement Plan to new members and restrict account consolidation Retirement and Pensions - Legislators' Retirement Plan, close plan to new members effective July 1, 2011 Retirement and Pensions - Legislators' Retirement Plan, cost of purchasing service credit Retirement and Pensions - Legislators' Retirement Plan, restriction of account consolidation with other state systems Actuarial Analysis - Legislators' Retirement Plan, restriction of account consolidation with other state systems |
| 02/01/11 |
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| 02/03/11 |
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Last updated: 1/16/2019 3:43 PM (EST)