| Last Action | to Rules (H) |
|---|---|
| Title | AN ACT relating to Kentucky Retirement Systems. |
| Bill Documents |
Bill
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| Impact Statements | Actuarial Analysis |
| Bill Request Number | 192 |
| Sponsor | B. Yonts |
| Summary of Original Version | Amend KRS 16.505 to clarify that lump-sum payments or nonrecurring payments shall, as determined by the board, be credited when earned or classified as a lump-sum bonus and averaged over the career of the member; make technical amendments; amend KRS 16.582 to remove language which prohibited an injury or disease resulting from military service from being considered a disabling condition for hazardous members of Kentucky Retirement Systems; amend KRS 61.510 and 78.510 to utilize partial fiscal years in determining the final compensation of a nonhazardous member who began participating in the Kentucky Employees Retirement System and the County Employees Retirement System on or after September 1, 2008, but prior to January 1, 2014, in situations where the member does not have 5 complete fiscal years of service; to clarify that lump-sum payments or nonrecurring payments shall, as determined by the board, be credited when earned or classified as a lump-sum bonus and averaged over the career of the member; provide that interim positions in the Kentucky Employees Retirement System and probationary positions in the County Employees Retirement System shall not be renewable by the employer for the same employee unless the employee has not been employed by the agency for 12 months; make technical amendments; amend KRS 61.542 to remove the requirement that the estate be designated as beneficiary of a member's account when they request a refund of contributions prior to retirement; provide that the member's estate shall be beneficiary of his or her account from Kentucky Retirement Systems if prior to retirement the member fails to designate a beneficiary or the beneficiary designation is found to be void; provide that a beneficiary shall not be changed on or after the first day of the month in which a retired employee begins receiving retirement benefits; provide that reemployed retirees who establish a second retirement account will have their estate named beneficiary if they fail to designate a beneficiary for their new account; amend KRS 61.545 to remove provisions allowing a member who is simultaneously eligible for participation in more than one retirement system administered by Kentucky Retirement Systems to select participation in only one system; make conforming amendments; amend KRS 61.552 to clarify and conform to federal law the payment options available to members for purchasing service credit; remove service purchase provisions no longer applicable to current members; require agencies who fail to report employees to the retirement system to pay penalties and interest on employer contributions from the date the contributions should have been reported to the system; make technical amendments; amend KRS 61.555 to provide that the service credit that is granted without cost to employees who are called to active duty military deployment shall be limited to those whose rights to such benefits have not been terminated under the federal Uniformed Services Employment and Reemployment Rights Act (USERRA); require employees participating in the hybrid cash balance plan on or after January 1, 2014, who are called to active duty military deployment to pay their employee contributions if they are granted service credit, as required by USERRA, for the period of active duty deployment; require employers to make contributions, for service credited to employees as required by USERRA, who are called to active duty military deployment: make conforming amendments; amend KRS 61.557 to make technical amendments; amend KRS 61.560 to clarify that retirees reemployed on or after 9/1/2008 shall not pay into the systems and to make conforming amendments; amend KRS 61.590 to make technical changes and to clarify that a retiring employee must separate employment with all participating system employers; amend KRS 61.623 to require all recipients of a retirement allowance from Kentucky Retirement Systems to receive retirement allowance payments by electronic funds transfer to a financial institution; provide that if the member does not have a bankaccount or the member's bank does not participate in electronic funds transfers that the member will receive payment of his or her retirement allowance to an electronic fund transfer card issued by Kentucky Retirement Systems; amend KRS 61.645 to allow the Kentucky Retirement Systems board by promulgation of administrative regulation to conduct trustee elections by electronic ballot; amend KRS 61.650 to increase the Kentucky Retirement Systems investment committee membership from 5 trustees to 7 trustees and to make technical amendments; amend KRS 61.680 to provide for consolidation of accounts with other state-administered retirement systems only if the member retires simultaneously from all state-administered retirement systems or retires from the other state-administered retirement systems within one month of retiring from the systems administered by Kentucky Retirement Systems; make technical amendments; amend KRS 61.702 to define "monthly contribution rate"; require recipients or the spouse or dependent children of a recipient of a retirement allowance, who is eligible to participate in Medicare to participate in the plans administered by the systems for Medicare eligible recipients; provide that a member who retired prior to July 1, 2003, who has established a second retirement account shall not receive more than the monthly contribution rate for retiree health benefits: make technical amendments; amend KRS 16.520, 61.525, 61.5525, 61.592, 78.540, 78.610, and 78.615 to make technical and conforming amendments; provide non-codified section to provide that the successor of the additional board trustee elected by the County Employees Retirement System (CERS) added by SB 2 in the 2013 Regular Session shall be elected in the same period as all other CERS trustees in 2017 and shall have a shortened term from 2017 to 2021 to coincide with all other future CERS trustee terms of office. |
| Index Headings of Original Version |
Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill Public Officers and Employees - Retirement, Kentucky Retirement Systems housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, electronic voting for board elections Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, issuance of retirement allowances by EFT State Agencies - Kentucky Retirement Systems, housekeeping bill |
| Proposed Amendments |
House Floor Amendment 1 Senate Committee Substitute 1 Senate Committee Substitute 2 Senate Committee Amendment 1 |
| Votes | Vote History |
| 12/12/14 |
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|---|---|
| 01/06/15 |
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| 02/03/15 |
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| 02/05/15 |
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| 02/06/15 |
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| 02/09/15 |
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| 02/10/15 |
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| 02/11/15 |
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| 02/12/15 |
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| 02/19/15 |
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| 03/03/15 |
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| 03/04/15 |
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| 03/09/15 |
|
| 03/10/15 |
|
| 03/11/15 |
|
| Amendment | House Floor Amendment 1 |
|---|---|
| Sponsor | B. Yonts |
| Summary | Retain original provisions except to delete amendments to KRS 61.623 that would have required electronic payment of retirement allowances to all retirees and beneficiaries of Kentucky Retirement Systems. |
| Index Headings |
Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill Public Officers and Employees - Retirement, Kentucky Retirement Systems housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, electronic voting for board elections Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, issuance of retirement allowances by EFT State Agencies - Kentucky Retirement Systems, housekeeping bill |
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Retain original provisions; create a new section of KRS Chapter 6 to provide that members of the Legislators' Retirement Plan who retire on or after January 1, 2016, shall be limited to a 10 percent growth in the creditable compensation earned during their last three years of service to the General Assembly if that compensation is used to calculate their retirement benefits; provide that only creditable compensation earned on or after July 1, 2015, shall be subject to the creditable compensation growth limitations; exempt bona fide promotions or salary advancements from the compensation growth limitation; define "bona fide promotion or salary advancements" as a professional advancement in substantially the same line of work held by the member in the four years immediately prior to the three-year period or a change in employment position based upon training, education, or expertise; provide that the Judicial Form Retirement System shall refund contributions and interest on contributions, for any reductions in creditable compensation; provide that the Judicial Form Retirement System shall determine what constitutes a bona fide promotion or salary advancement; create a new section of KRS Chapter 21 to provide that members of the Judicial Retirement Plan who retire on or after January 1, 2016, shall be limited to a 10 percent annual growth in the creditable compensation earned during their last 60 months of service if that compensation is used to calculate their retirement benefits; provide that only creditable compensation earned on or after July 1, 2015, shall be subject to the creditable compensation growth limitations; exempt bona fide promotions or salary advancements from the compensation growth limitation; define "bona fide promotion or salary advancements" as a professional advancement in substantially the same line of work held by the member in the four years immediately prior to the 60 month period or a change in employment position based upon training, education, or expertise; require the Judicial Form Retirement System to refund contributions and interest on contributions, for any reductions in creditable compensation; provide that the Judicial Form Retirement System shall determine what constitutes a bona fide promotion or salary advancement; amend KRS 61.598 to provide that members of the Kentucky Employees Retirement System participating in hazardous duty coverage, the County Employees Retirement System, and the State Police Retirement System, who retire on or after January 1, 2016, shall be limited to a 10 percent growth in the creditable compensation earned during their last five years of employment if that compensation is used to calculate their retirement benefits; provide that only creditable compensation earned on or after July 1, 2015, shall be subject to the creditable compensation growth limitations; exempt bona fide promotions or salary advancements, alternative sick leave payments, and lump-sum payments for compensatory time from the compensation growth limitation; exempt from the compensation growth limitation those years of compensation where in the immediately preceding fiscal year the member was paid workers' compensation benefits or was on unpaid maternity, FMLA, or approved sick leave for a period of five weeks or for a period of at least 10 percent of the employee's contract days if the employee is hired to work a specific number of days during the year; provide that the Kentucky Retirement Systems shall refund employee contributions and interest on contributions, for any reductions in creditable compensation provided by this section; provide that the Kentucky Retirement Systems shall determine what constitutes a bona fide promotion or salary advancement and allow the member to appeal a decision of the system to the board; remove provisions charging employers for creditable compensation growth greater than 10 percent during the employee's last five years of employment; amend KRS 16.645, 61.645, and 78.545 to conform. |
| Index Headings |
Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill Public Officers and Employees - Retirement, Kentucky Retirement Systems housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, electronic voting for board elections Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, issuance of retirement allowances by EFT State Agencies - Kentucky Retirement Systems, housekeeping bill |
| Amendment | Senate Committee Substitute 2 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Retain original provisions; create a new section of KRS Chapter 6 to provide that members of the Legislators' Retirement Plan who retire on or after January 1, 2016, shall be limited to a 10 percent growth in the creditable compensation earned during their last three years of service to the General Assembly if that compensation is used to calculate their retirement benefits; provide that only creditable compensation earned on or after July 1, 2015, shall be subject to the creditable compensation growth limitations; exempt bona fide promotions or salary advancements from the compensation growth limitation; define "bona fide promotion or salary advancements" as a professional advancement in substantially the same line of work held by the member in the four years immediately prior to the three-year period or a change in employment position based upon training, education, or expertise; provide that the Judicial Form Retirement System shall refund contributions and interest on contributions, for any reductions in creditable compensation; provide that the Judicial Form Retirement System shall determine what constitutes a bona fide promotion or salary advancement; create a new section of KRS Chapter 21 to provide that members of the Judicial Retirement Plan who retire on or after January 1, 2016, shall be limited to a 10 percent annual growth in the creditable compensation earned during their last 60 months of service if that compensation is used to calculate their retirement benefits; provide that only creditable compensation earned on or after July 1, 2015, shall be subject to the creditable compensation growth limitations; exempt bona fide promotions or salary advancements from the compensation growth limitation; define "bona fide promotion or salary advancements" as a professional advancement in substantially the same line of work held by the member in the four years immediately prior to the 60-month period or a change in employment position based upon training, education, or expertise; require the Judicial Form Retirement System to refund contributions and interest on contributions, for any reductions in creditable compensation; provide that the Judicial Form Retirement System shall determine what constitutes a bona fide promotion or salary advancement; amend KRS 61.598 to provide that members of the Kentucky Employees Retirement System participating in hazardous duty coverage, the County Employees Retirement System, and the State Police Retirement System, who retire on or after January 1, 2016, shall be limited to a 10 percent growth in the creditable compensation earned during their last five years of employment if that compensation is used to calculate their retirement benefits; provide that only creditable compensation earned on or after July 1, 2015, shall be subject to the creditable compensation growth limitations; exempt bona fide promotions or salary advancements, alternative sick leave payments, and lump-sum payments for compensatory time from the compensation growth limitation; exempt from the compensation growth limitation those years of compensation where in the immediately preceding fiscal year the member was paid workers' compensation benefits or was on unpaid maternity, FMLA, or approved sick leave for a period of five weeks or for a period of at least 10 percent of the employee's contract days if the employee is hired to work a specific number of days during the year; provide that the Kentucky Retirement Systems shall refund employee contributions and interest on contributions, for any reductions in creditable compensation provided by this section; provide that the Kentucky Retirement Systems shall determine what constitutes a bona fide promotion or salary advancement and allow the member to appeal a decision of the system to the board; remove provisions charging employers for creditable compensation growth greater than 10 percent during the employee's last five years of employment for all employers except Kentucky Employees Retirement System nonhazardous employers; amend KRS 16.645, 61.645, and 78.545 toconform. |
| Index Headings |
Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill Public Officers and Employees - Retirement, Kentucky Retirement Systems housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, electronic voting for board elections Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, issuance of retirement allowances by EFT State Agencies - Kentucky Retirement Systems, housekeeping bill |
| Amendment | Senate Committee Amendment 1 |
|---|---|
| Sponsor | J. Bowen |
| Summary | Make title amendment. |
| Index Headings |
Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill Public Officers and Employees - Retirement, Kentucky Retirement Systems housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, electronic voting for board elections Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, issuance of retirement allowances by EFT State Agencies - Kentucky Retirement Systems, housekeeping bill |
Last updated: 1/16/2019 3:10 PM (EST)