| Last Action | floor amendment (1) filed to Committee Substitute |
|---|---|
| Title | AN ACT relating to the Kentucky Teachers' Retirement System and declaring an emergency. |
| Bill Documents |
Bill
|
| Impact Statements |
Actuarial Analysis
Fiscal Note |
| Bill Request Number | 1326 |
| Sponsors | D. Graham, D. Horlander, M. King, S. Westrom, B. Yonts |
| Summary of Original Version | Create a new section of KRS 161.220 to 161.716 to permit the Kentucky Teachers' Retirement System (KTRS) to use and accept electronic signatures as deemed appropriate; amend KRS 161.290 to require public employers other than school districts to provide paid leave to teacher trustees serving on the KTRS board; amend KRS 161.310 to clarify the types of remuneration included in retirement incentives; amend KRS 161.340 to allow KTRS to contract for insurance; amend KRS 161.430 to allow the KTRS board to contract with one or more general investment consultants; remove references to the book value of assets in regard to limitations on funds managed internally by system's investment staff; remove the requirement that the board investment committee consist of the executive secretary of the system and two trustees; require system's staff to be subject to fiduciary requirements applicable to board members and investment consultants and managers; make technical amendments; amend KRS 161.470 to make technical corrections; amend KRS 161.480 to automatically designate a KTRS member's spouse as beneficiary for an active member's account balance upon employment until changed by the member; declare the member's spouse as beneficiary of the active member's account balance in the event all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.545 to provide that full-time sabbatical leave by university staff participating in the KTRS shall be deemed full-time employment for retirement purposes; require employee and employer contributions to be paid during the period of sabbatical leave; amend KRS 161.553 to adjust the cost schedules of providing statutory benefit improvements for annuitants; amend KRS 161.560 to authorize the KTRS to promulgate administrative regulations to require more frequent submission of annual reports by participating employers; amend KRS 161.605 to make technical changes, provide that breaks-in-service are required before returning to work for the employer even if in a position not covered by KTRS if the member is under age 60; begin running of breaks-in-service from date of retirement; prohibit prearranged agreements between a retiring member and employer for member to return to work after retirement and require certification thereof; allow the commissioner of education to pay reemployed retirees in excess of statutory maximums if the commissioner deems that the employees have the necessary experience to provide services and support to persistently low-achieving schools as provided by KRS 160.346; require retired members under age sixty (60) returning to work for certain state universities and state community colleges to comply with the separation-from-service requirements, effective July 1, 2014; amend KRS 160.612 to reduce the $500 minimum monthly disability benefit by benefit payments from all state-administered retirement systems for part-time employees and substitute teachers participating in the KTRS who apply for disability benefits on or after July 1, 2014; provide that part-time employees and substitute teachers are not eligible to apply for a disability retirement allowance if they are eligible for a nondiscounted service retirement allowance; amend KRS 161.614 to include mediation awards; amend KRS 161.620 to clarify the option for seeking inflation adjustments; amend KRS 161.630 to make technical change; amend KRS 161.643 to authorize KTRS to require more frequent submission of annual reports on reemployed employees by participating employers; amend KRS 161.650 to automatically designate a KTRS member's spouse as beneficiary for a retired member's account remaining account balance at the time of death unless changed by the member; declare the member's spouse as beneficiary of the retired member's remaining account balance in the event all named beneficiaries predecease the retired member or the member fails to name a beneficiary for the account balance; amend KRS 161.655 to automatically designate a KTRS member's spouse as beneficiary for the life insurance benefit available to active and retired members unless changed by the member; declare the member's spouse as beneficiary of the life insurance benefit available to active and retired members if, upon the death of the member, all named beneficiaries predecease the member or the member fails to name a beneficiary; amend KRS 161.661 to provide that members who begin participating on or after July 1, 2014, shall not be eligible for a disability benefit if they are eligible for any unreduced benefit and that they shall have their $500 minimum monthly disability benefit reduced by benefit payments from all state-administered retirement systems; amend KRS 161.680 to clarify, authority to collect overpayments; amend KRS 161.550 to conform; EMERGENCY. |
| Index Headings of Original Version |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
| Proposed Amendments |
House Floor Amendment 1 House Floor Amendment 2 House Floor Amendment 3 House Floor Amendment 4 Senate Committee Substitute 1 Senate Floor Amendment 1 |
| Votes | Vote History |
| 02/05/14 |
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|---|---|
| 02/06/14 |
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| 02/11/14 |
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| 02/12/14 |
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| 02/13/14 |
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| 03/04/14 |
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| 03/05/14 |
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| 03/06/14 |
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| 03/11/14 |
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| 03/21/14 |
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| 03/24/14 |
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| 03/25/14 |
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| 04/14/14 |
|
| Amendment | House Floor Amendment 1 |
|---|---|
| Sponsor | D. Graham |
| Summary | Make technical corrections. |
| Index Headings |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
| Amendment | House Floor Amendment 2 |
|---|---|
| Sponsor | D. Graham |
| Summary | Make technical corrections. |
| Index Headings |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
| Amendment | House Floor Amendment 3 |
|---|---|
| Sponsor | L. Bechler |
| Summary | Retain original provisions, except clarify that granting leave with pay to participate in board of trustees activities is permissive for a non-school district public agency or entity. |
| Index Headings |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
| Amendment | House Floor Amendment 4 |
|---|---|
| Sponsor | L. Bechler |
| Summary | Retain original provisions, except limit employer reports to no more than four times per year. |
| Index Headings |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Retain original provisions; amend KRS 161.605 to provide that retirees returning to full-time employment, who are subject to the income limitations of subsection (1) and (2) of this section, shall be limited to science, technology, engineering, mathematics, and special needs positions, and teaching positions in high priority schools; require the Department of Education to pay the actuarial cost of the additional retirement benefits payable to retirees hired without income limitations by the department under the provisions of the bill. |
| Index Headings |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
| Amendment | Senate Floor Amendment 1 |
|---|---|
| Sponsor | M. Wilson |
| Summary | Retain original provisions except to amend KRS 161.605 to provide that retirees returning to full-time teaching employment, who are subject to the income limitations of subsection (1) and (2) of this section, shall be limited to science, technology, engineering, mathematics, special needs positions, and teaching positions in high priority schools. |
| Index Headings |
Fiscal Note - Kentucky Teachers' Retirement System, housekeeping bill Teachers - Kentucky Teachers' Retirement System, housekeeping bill Education, Elementary and Secondary - Kentucky Teachers' Retirement System, housekeeping bill Education, Finance - Kentucky Teachers' Retirement System, reporting requirements Effective Dates, Emergency - Kentucky Teachers' Retirement Systems benefits, cost schedule for Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Kentucky Teachers' Retirement System, disability benefits for new hires and part-time employees Retirement and Pensions - Kentucky Teachers' Retirement System, reemployment after retirement Actuarial Analysis - Kentucky Teachers' Retirement System, housekeeping bill |
Last updated: 8/27/2019 6:52 PM (EDT)