| Last Action | signed by Governor (Acts Chapter 7) |
|---|---|
| Title | AN ACT relating to policemen's and firefighters' retirement funds of urban-county governments and declaring an emergency. |
| Bill Documents |
Bill
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| Impact Statements | Local Mandate |
| Bill Request Number | 1445 |
| Sponsors | R. Palumbo, S. Overly, R. Benvenuti III, J. Crenshaw, K. Flood, R. Quarles, C. Rollins II, S. Westrom |
| Summary of Original Version | Amend KRS 67A.345 to provide that members of an urban-county government's policemen's firefighters' retirement fund who withdraw on a certificate under the changes established by this Act are eligible to participate and receive benefits under the urban-county government's health plan; amend KRS 67A.360 to define "participation date" and "actuarial funding level"; amend KRS 67A.390 to provide that, effective July 1, 2013, a member who retires and returns to work in a position eligible to participate in the urban-county government's policemen's and firefighters' retirement fund shall not be eligible to earn a second retirement annuity; amend KRS 67A.402 to prohibit new members who begin participating in the urban-county government's policemen's firefighters' retirement fund on or after the effective date of this Act from purchasing service credit in the fund, except for up to four years of active duty military service and provided they purchase the service between five and ten years of service in the fund; prohibit new members who begin participating in the urban-county government's policemen's firefighters' retirement fund on or after the effective date of this Act from using service purchased under this section to determine eligibility for retirement; amend KRS 67A.410 to limit current members of the urban-county government's policemen's and firefighters' retirement fund from retiring at any age with 20 years of total service unless they retire prior to July 1, 2013; provide that current members who retire on or after July 1, 2013, shall be eligible to retire if they are at least age 41 and have at least 20 years of total service in the fund; provide that new members who begin participating in the urban-county government's policemen's and firefighters' retirement fund on or after the effective date of this Act shall be eligible to retire if they are at least age 50, and have at least 25 years of membership service in the fund; provide that a current member can withdraw from service prior to age 41 and receive a certificate entitling them to a retirement benefit when they are age 41 provided they have at least 20 years of service in the fund; provide that new members who begin participating in the urban-county government's policemen's firefighters' retirement fund on or after the effective date of this Act can withdraw from service prior to age 50 and receive a certificate entitling them to a retirement benefit when they are age 50 provided they have at least 25 years of membership service in the fund; provide that the surviving spouse of a member who withdraws under a certificate issued under this section prior to the member becoming eligible for benefits, shall receive benefits based upon the survivorship option selected by the member; amend KRS 67A.420 to provide that new members who begin participating in the urban-county government's policemen's and firefighters' retirement fund on or after the effective date of this Act shall not be subject to compulsory retirement provision until they have at least 25 years of service; amend KRS 67A.430 to provide a 2.25 percent retirement annuity factor for each year of service in the fund for new members who begin participating in the urban-county government's policemen's and firefighters' retirement fund on or after the effective date of this Act; amend KRS 67A.440 to increase the minimum death-in-the-line-of-duty benefits paid to the surviving spouse of a member of the urban-county government's policemen's and firefighters' retirement fund from 60 percent to 75 percent of the member's last rate of salary; increase the maximum combined line of duty death benefit paid to the surviving spouse and dependent children of a deceased member who died in the line-of-the duty from 75 percent to 100 percent of the member's last rate of salary; provide that an surviving spouse who is drawing a benefit under this section on July 1, 2013, shall have his or her benefit increased to the amount provided under this section; amend KRS 67A.460 to establish occupational disability benefit payments for current and future members of the urban-county government's policemen's and firefighters' retirement fund at 50 percent of the member's last rate of pay if the member's disability rating is less than 20 percent and the disability is the result of documented injuries occurring on or after July 1, 2013, 60 percent of the member's last rate of pay if the member's disability rating is less than 20 percent and the disability is the result of documented injuries occurring prior to July 1, 2013, and at least 60 percent of the member's last rate of pay if the member's disability rating is 20 percent or more with adjustments to the minimum based upon the level of disability rating above 20 percent; amend KRS 67A.470 to provide that non-occupational disability annuities for new members who begin participating in the urban-county government's policemen's and firefighters' retirement fund on or after the effective date of this Act shall be 2.25 percent for each year of total service with a minimum benefit of 22.5 percent of average salary and a maximum benefit of 67.5 percent of average salary; amend KRS 67A.492 to provide that the surviving spouse of members who die after withdrawing from employment on a certificate but prior to retirement shall receive an annuity of 60 percent of the member's annuity or the amount payable under the option selected by the member; amend KRS 67A.500 to conform; amend KRS 67A.510 to provide that the employee contribution rate shall be increased from 11 percent to 12 percent of pay for all members of the urban-county government's policemen's and firefighters' retirement fund; amend KRS 67A.520 to provide that the urban-county government shall pay to the policemen's firefighters' retirement fund the employer contribution rate that is the sum of the normal cost and a payment to the unfunded liability; provide that the payment to the unfunded liability shall be an amount necessary to pay off the unfunded liability over a period of 30 years beginning July 1, 2013 under the level dollar amortization method; provide that the employer contribution rate computed under this section shall not be less than $20 million, except that if the actuarial funding level of the fund is 100 percent the employer contribution shall be the normal cost; provide that the employer rate shall be fixed by the board of the policemen's firefighters' retirement fund annually based upon the results of the actuarial valuation; amend KRS 67A.560 to provide that the board of the urban-county government's policemen's firefighters' retirement fund shall have an actuarial valuation of the fund completed annually and shall have an actuarial experience study of the fund completed once every 5 years; amend KRS 67A.580 to make a technical change; amend KRS 67A.690 to provide that cost-of-living adjustments for retirees of the urban-county government's policemen's firefighters' retirement fund who retire on or after July 1, 2013, shall not be provided until the earlier of age 50 or 5 years following retirement; provide that the amount of the cost-of-living adjustment awarded to retirees if the fund has an actuarial funding level of less than 85 percent shall be two percent annually for those receiving an annual retirement annuity of less than $40,000, 1.5 percent for those receiving an annual retirement annuity of between $40,000 and $75,000, and 1 percent for those receiving an annual retirement annuity greater than $75,000 except those receiving an annual retirement annuity greater than $100,000 shall not receive a cost-of-living adjustment until January 1, 2016; provide that the amount of cost-of-living adjustment awarded to retirees the fund if the fund has an actuarial funding level of at least 85% percent will be an amount determined by the board of two to five percent for members whose participation date in the fund is prior to the effective date of this Act and of zero to five percent for members whose participation date in the fund is on or after the effective date of this Act; make conforming amendments; provide that persons employed by the Lexington-Fayette Urban County Government on the effective date of this Act shall be considered to have a participation date in the urban-county government's policemen's and firefighters' retirement fund prior to the effective date of this Act; EMERGENCY. |
| Index Headings of Original Version |
Local Mandate - Urban-county policemen's and firefighter's fund, pension reform measures Firefighters and Fire Departments - Retirement, pension reform for urban-county policemen's and firefighter's fund Police, City and County - Retirement, pension reform for urban-county policemen's and firefighter's fund Retirement and Pensions - Urban-county policemen's and firefighter's fund, pension reform measures Counties, Urban - Retirement, pension reform for urban-county policemen's and firefighter's fund |
| Votes | Vote History |
| 02/19/13 |
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| 02/20/13 |
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| 02/21/13 |
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| 02/22/13 |
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| 02/25/13 |
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| 02/26/13 |
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| 02/28/13 |
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| 03/05/13 |
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| 03/06/13 |
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| 03/07/13 |
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| 03/11/13 |
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| 03/12/13 |
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| 03/14/13 |
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Last updated: 8/27/2019 7:53 PM (EDT)