| Last Action | to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to retirement. |
| Bill Documents |
Bill
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| Impact Statements |
Actuarial Analysis
Local Mandate |
| Bill Request Number | 1368 |
| Sponsor | C. McDaniel |
| Summary of Original Version | Create a new section of KRS 161.220 to 161.716 to allow an employer participating in the Kentucky Teachers' Retirement System to discontinue participation in the system for new hires provided the employer pays to have an actuarial cost study completed to determine the cost to the system for the loss of new employees, the employer offers an alternative retirement plan, and the employer enters into an irrevocable contract to pay the system for the actuarial cost over a period not to exceed 30 years; amend KRS 61.520 and 78.535 to allow an employer participating in the Kentucky Employees Retirement System and the County Employees Retirement System to discontinue participation in the system for new hires provided the employer pays to have an actuarial cost study completed to determine the cost to the system for the loss of new employees, the employer offers an alternative retirement plan, and the employer enters into an irrevocable contract to pay the system for the actuarial cost over a period not to exceed 30 years; amend KRS 61.525, 61.543, 61.560, 78.530, 78.540, 78.610, 78.615, 95.520, 95.621, and 95.852 to conform. |
| Index Headings of Original Version |
Local Government - Retirement, public agencies allowed to cease participation in state retirement systems for new hires Public Officers and Employees - Retirement, public agencies allowed to cease participation in state retirement systems for new hires Retirement and Pensions - Kentucky Retirement Systems, employers allowed to cease participation for new hires Retirement and Pensions - Kentucky Teachers' Retirement System, employers allowed to cease participation for new hires State Agencies - Retirement, public agencies allowed to cease participation in state retirement systems for new hires Actuarial Analysis - Kentucky Teachers' Retirement System, employers allowed to cease participation for new hires Local Mandate - Kentucky Teachers' Retirement System, employers allowed to cease participation for new hires |
| 02/14/13 |
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| 02/19/13 |
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Last updated: 8/27/2019 7:53 PM (EDT)