12RS House Bill 532

House Bill 532

Actions

Last Action	to State Government (H)
Title	AN ACT relating to retirement.
Bill Documents	Bill
Impact Statements	Actuarial Analysis Local Mandate
Bill Request Number	1608
Sponsor	J. Fischer
Summary of Original Version	Amend KRS 6.505 to close the Legislators' Retirement Plan to new members effective July 1, 2013; 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 systems prior to the effective date of this Act; create a new section of KRS 61.510 to 61.705 to close the Kentucky Employees Retirement System, the County Employees Retirement System, and the State Police Retirement System to new members effective July 1, 2013; create KRS Chapter 61A to establish the Kentucky Employees Defined Contribution Plan, a defined contribution plan administered by the board of the Kentucky Deferred Compensation Authority, for new employees hired on or after July 1, 2013, by a participating agency of the retirement systems closed under the provisions of this Act; establish administrative requirements of the Kentucky Employees Defined Contribution Plan and authorize the board to establish or amend existing plans administered by the board to carry out the provisions of this Act; establish eligibility for membership in the Kentucky Employees Defined Contribution Plan; establish matching employer contributions of 5% for non-hazardous employees and 8% for hazardous employees contributing to the Kentucky Employees Defined Contribution Plan and a six-year vesting schedule for employer contributions; establish the State Treasurer as custodian of the Kentucky Employees Defined Contribution Plan; cross-reference statutes of the Kentucky Deferred Compensation Authority pertaining to the authority's board, limitation on liability of investments, and regulation of investments; provide that the benefits provided by the Kentucky Employees Defined Contribution Plan shall not be considered an inviolable contract of the Commonwealth; amend KRS 15.460, 15.470, 16.165, 16.194, 16.520, 16.645, 18A.245, 32.031, 42.615, 61.407, 61.525, 67.875, 67A.655, 78.540, 78.545, 79.090, 90.400, 90.410, 95.290, 95.520, 95.621, 95.768, 95.852, 95A.260, 96.180, 132.370, 152.230, 154.40-020, 212.432, 212.636, 212.660, 212.792, and 342.215 to conform; require the board of the Kentucky Employees Defined Contribution Plan to provide an update on the plan, including any legal issues involving state or federal law, to the Interim Joint Committee on State Government no later than October 31, 2012.
Index Headings of Original Version	General Assembly - Legislators' Retirement Plan, close of plan to new entrants and provision of new system General Assembly - Legislators' Retirement Plan, restriction of account consolidation with other state systems Public Officers and Employees - Retirement, close of Kentucky Retirement Systems to new entrants and provision of new plan Retirement and Pensions - Kentucky Retirement Systems, close of KERS, CERS, & SPRS to new members and provision of new system Retirement and Pensions - Legislators' Retirement Plan, close of plan to new entrants and provision of new system 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 Local Mandate - Legislators' Retirement Plan, restriction of accounts

03/01/12	introduced in House
03/05/12	to State Government (H)