| Last Action | passed over and retained in the Orders of the Day |
|---|---|
| Title | AN ACT relating to public pension plan reporting. |
| Bill Documents |
Bill
|
| Impact Statements | Actuarial Analysis |
| Bill Request Number | 213 |
| Sponsor | B. Yonts |
| Summary of Original Version | Amend KRS 6.350 to specify that the actuarial analysis required on retirement legislation shall include the impact on funding levels and unfunded liabilities over time; specify the qualification requirements of the actuary completing the analysis; amend KRS 21.440, 61.670, and 161.400 to provide that all state-administered retirement systems shall include in their actuarial valuation a description of funding methods utilized or required by state law in the development of the valuation, a description of any changes in actuarial assumptions and methods that have occurred since the last valuation, the actuarially recommended employer contribution rates for the upcoming budget period, a 20-year projection of employer contribution rates, funding levels, and unfunded liabilities, and a sensitivity analysis to evaluate the impact of changes in key assumptions on employer rates, funding levels, and unfunded liabilities; require the systems to conduct an actuarial experience study at least once every 5 years and to perform a 20-year impact of the proposed changes to the systems employer rates, funding levels, and unfunded liabilities; require the systems to perform a 20-year impact on employer rates, funding levels, and unfunded liabilities for any changes in assumptions, funding methods, retiree health subsidies, or other changes enacted by the board of trustees of the systems that impact system liabilities; require the actuary certifying the results of the annual actuarial valuation and the 5 year experience study to be a fellow of the Conference of Consulting Actuaries or a member of the American Academy of Actuaries; require electronic distribution of actuarial valuations, experience studies, or analysis on changes made by the boards of trustees to the Legislative Research Commission (LRC) and require LRC to distribute information to chairs and committee staff of committees with jurisdiction over the systems; make technical amendments; amend KRS 48.040 to provide that on or before August 15 prior to a budget session, that the state-administered systems shall prepare a preliminary projection of the actuarially required contribution rates for the upcoming budget biennium and to provide updated values by December 31 of the same year once the actuarial valuation is completed; require submission to the state budget director's office and the LRC and require LRC to distribute information to chairs and committee staff of committees with jurisdiction over the systems upon receipt. |
| Index Headings of Original Version |
General Assembly - Legislators' Retirement Plan, actuarial reporting requirements Public Officers and Employees - State-administered retirement systems, actuarial reporting requirements Retirement and Pensions - State-administered retirement systems, actuarial reporting requirements Actuarial Analysis - State-administered retirement systems, actuarial reporting requirements |
| Proposed Amendments |
Senate Floor Amendment 1 Senate Floor Amendment 2 |
| Votes | Vote History |
| 02/05/15 |
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|---|---|
| 02/09/15 |
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| 02/10/15 |
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| 02/12/15 |
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| 02/13/15 |
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| 02/23/15 |
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| 02/26/15 |
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| 02/27/15 |
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| 03/02/15 |
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| 03/04/15 |
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| 03/09/15 |
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| 03/11/15 |
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| 03/23/15 |
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| 03/24/15 |
|
| Amendment | Senate Floor Amendment 1 |
|---|---|
| Sponsor | C. McDaniel |
| Summary | Make title amendment. |
| Index Headings |
General Assembly - Legislators' Retirement Plan, actuarial reporting requirements Public Officers and Employees - State-administered retirement systems, actuarial reporting requirements Retirement and Pensions - State-administered retirement systems, actuarial reporting requirements Actuarial Analysis - State-administered retirement systems, actuarial reporting requirements |
| Amendment | Senate Floor Amendment 2 |
|---|---|
| Sponsor | C. McDaniel |
| Summary | Retain original provisions; amend KRS 61.598 to provide that employer costs for increases in creditable compensation greater than 10 percent shall, for retirements occurring on or after January 1, 2015, be accumulated each fiscal year and added to the employer contribution rate payable by participating employers instead of being billed to the last participating employer; specify exemptions to employer cost calculation; provide that costs for employees retiring prior to January 1, 2015, that are individually billed to the last participating employer that exceed $50,000 may be paid without interest over a period not to exceed five years; require systems to annually report to the trustees, Public Pension Oversight Board, and individual employers the specific amount of costs attributable to each employer; make technical amendments; amend KRS 61.645 to conform; provide non-codified language to ensure costs billed to the last participating employer for retirements occurring prior to January 1, 2015, shall not be modified by the amendments in the bill; 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 |
General Assembly - Legislators' Retirement Plan, actuarial reporting requirements Public Officers and Employees - State-administered retirement systems, actuarial reporting requirements Retirement and Pensions - State-administered retirement systems, actuarial reporting requirements Actuarial Analysis - State-administered retirement systems, actuarial reporting requirements |
Last updated: 1/16/2019 3:10 PM (EST)