16RS Senate Bill 172

Senate Bill 172

Actions

Last Action	to State Government (H)
Title	AN ACT relating to retirement benefit election.
Bill Documents	Bill
Impact Statements	Actuarial Analysis
Bill Request Number	1397
Sponsor	C. McDaniel
Summary of Original Version	Create a new section of KRS 21.345 to 21.580 permitting a member of the Legislators' Retirement Plan or the Judicial Form Retirement System to opt out of the traditional defined benefit plan and elect to participate in the hybrid cash balance plan; provide that, on the member's effective election date, the value of the member's accumulated contributions, less any interest, be deposited into the member's hybrid cash balance account and be considered part of the member's accumulated account balance; provide that on the member's effective election date, an employer pay credit shall be applied to the member's accumulated account balance for each contributing month prior to the effective election date; require the Judicial Form Retirement System to provide the electing member with information detailing the consequences of the member's election; provide that a member shall not be eligible to make an election until a letter ruling by the IRS; make benefit election under this section irrevocable; amend KRS 21.402 to conform; create a new section of KRS 61.510 to 61.705 permitting a member of the Kentucky Employees Retirement System, the County Employees Retirement System, or the State Police Retirement System to opt out of the traditional defined benefit plan and elect to participate in the hybrid cash balance plan; provide that, on the member's effective election date, the value of the member's accumulated contributions, less any interest, be deposited into the member's hybrid cash balance account and be considered part of the member's accumulated account balance; provide that on the member's effective election date, an employer pay credit shall be applied to the member's accumulated account balance for each contributing month prior to the effective election date; require the Kentucky Retirement Systems to provide the electing member with information detailing the consequences of the member's election; provide that a member shall not be eligible to make an election until a letter ruling by the IRS; make benefit election under this section irrevocable; amend KRS 61.597 and 16.583 to conform; make technical and conforming amendments to KRS 6.525, 16.645, and 78.545.
Index Headings of Original Version	Actuarial Analysis - Kentucky Retirement Systems, hybrid cash balance plan, benefit election Retirement and Pensions - Judicial Form Retirement Systems, hybrid cash balance plan, benefit election Retirement and Pensions - Kentucky Retirement Systems, hybrid cash balance plan, benefit election State Agencies - Kentucky Retirement Systems, hybrid cash balance plan, benefit election
Votes	Vote History

02/10/16	introduced in Senate
02/12/16	to State & Local Government (S)
03/09/16	reported favorably, 1st reading, to Consent Calendar
03/10/16	2nd reading, to Rules
03/11/16	posted for passage in the Consent Orders of the Day for Monday, March 14, 2016
03/14/16	3rd reading, passed 38-0
03/15/16	received in House
03/16/16	to State Government (H)