| Last Action | recommitted to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to retirement benefit calculations. |
| Bill Documents |
Bill
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| Impact Statements | Actuarial Analysis |
| Bill Request Number | 245 |
| Sponsors | C. McDaniel, M. McGarvey |
| Summary of Original Version | 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% 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 4 years immediately prior to the 3-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% 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 4 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, 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% 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 worker's compensation benefits or was on unpaid maternity, FMLA, or approved sick leave for a period of 5 weeks or for a period of at least 10% 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% during the employee's last five years of employment; amend KRS 16.645, 61.645, and 78.545 to conform. |
| Index Headings of Original Version |
General Assembly - Retirement, limitation on creditable compensation growth Public Officers and Employees - Kentucky Retirement Systems, limitation on creditable compensation growth Retirement and Pensions - Judicial Retirement Plan, limitation on creditable compensation growth Retirement and Pensions - Kentucky Retirement Systems, limitation on creditable compensation growth Retirement and Pensions - Legislators' Retirement Plan, limitation on creditable compensation growth State Employees - Retirement, limitation on creditable compensation growth Administrative Regulations and Proceedings - Retirement Systems, limitation on creditable compensation growth Actuarial Analysis - Retirement, limitation on creditable compensation growth |
| 02/11/15 |
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| 02/13/15 |
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| 02/24/15 |
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| 02/25/15 |
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| 03/23/15 |
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Last updated: 1/16/2019 3:10 PM (EST)