| Last Action | to Appropriations & Revenue (S) |
|---|---|
| Title | AN ACT relating to funding for the Kentucky Teachers' Retirement System, making an appropriation therefor, and declaring an emergency. |
| Bill Documents |
Bill
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| Impact Statements |
Actuarial Analysis
Fiscal Note |
| Bill Request Number | 1015 |
| Sponsors | G. Stumbo, T. Riner, L. Belcher, H. Collins, M. Denham, J. Glenn, C. Howard, J. Jenkins, D. Keene, M. Marzian, R. Meyer, C. Miller, K. Sinnette, R. Smart, F. Steele, D. Watkins, B. Yonts |
| Summary of Original Version | Amend KRS 56.8605 to redefine "financing agreement" and "funding notes" to include financing or refinancing of pension obligations owed to Kentucky Teachers' Retirement System under KRS 161.550(1)(b); amend KRS 56.868 to authorize the Kentucky Asset/Liability Commission to issue funding notes to finance or refinance pension fund obligations owed to Kentucky Teachers' Retirement System under KRS 161.550(1)(b); authorize the Kentucky Asset/Liability Commission to issue funding notes in an amount not to exceed $3,300,000,000 in fiscal year 2016-2017; amend KRS 161.550 to provide that the state shall pay the additional amount needed to fund the Kentucky Teachers' Retirement System pension fund on an actuarially sound basis beginning on July 1, 2015, and continuing for each year thereafter; provide that any funds used to finance statutory benefit improvements under KRS 161.553 that are repurposed and utilized to fund debt service on funding notes authorized under Sections 1 to 3 of this Act shall be included in the additional state appropriation required and to adjust the cost schedules of providing statutory benefit improvements for annuitants; establish intent of General Assembly to phase-into the full actuarially required contribution rate for the Kentucky Teachers' Retirement System pension fund with direct state appropriations on a pro-rata basis from fiscal year 2016-2017 to fiscal year 2024-2025 and to utilize proceeds from funding notes authorized by Sections 1 to 3 of this Act to provide the additional funding needed to pay the full actuarially required contribution to the pension fund during the phase-in schedule and to pay the actuarially required contribution rate in fiscal year 2015-2016; establish non-codified language to state it is the intent of the General Assembly for biennial budgets occurring on or after July 1, 2016, to use both reductions in debt service due to previously issued bonds for the Kentucky Teachers' Retirement System and funding for past statutory benefit improvements under subsections (1) and (2) of Section 5 of this Act as the debt service for funding notes issued on or after July 1, 2016, as authorized by Sections 1, 2, and 3 of this Act. |
| Index Headings of Original Version |
Fiscal Note - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Retirement and Pensions - Kentucky Teachers' Retirement System, provide for additional funding and funding note authorization State Agencies - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Actuarial Analysis - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Appropriations - Kentucky Teachers' Retirement System, authorize debt service for funding notes Budget and Financial Administration - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Budget and Financial Administration - Kentucky Teachers' Retirement System, authorize debt service for funding notes |
| Proposed Amendments |
House Committee Substitute 1 House Floor Amendment 1 House Floor Amendment 2 |
| Votes | Vote History |
| 01/06/16 |
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|---|---|
| 01/07/16 |
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| 02/29/16 |
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| 03/08/16 |
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| 03/09/16 |
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| 03/10/16 |
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| 03/14/16 |
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| 03/15/16 |
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| 03/22/16 |
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| 03/23/16 |
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| 03/24/16 |
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| Amendment | House Committee Substitute 1 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Delete original provisions of bill; amend KRS 161.550 to pay the full actuarially required contribution rate for the KTRS pension fund beginning July 1, 2016; provide that reducing debt service on bonds previously issued for KTRS shall be used to pay the state's share of the additional contributions required; provide that for the budget biennium beginning July 1, 2016, and ending June 30, 2018, the additional contribution shall be funded with state general fund sources only; declare an EMERGENCY. |
| Index Headings |
Fiscal Note - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Retirement and Pensions - Kentucky Teachers' Retirement System, provide for additional funding and funding note authorization State Agencies - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Actuarial Analysis - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Appropriations - Kentucky Teachers' Retirement System, authorize debt service for funding notes Budget and Financial Administration - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Budget and Financial Administration - Kentucky Teachers' Retirement System, authorize debt service for funding notes |
| Amendment | House Floor Amendment 1 |
|---|---|
| Sponsor | B. Montell |
| Summary | Delete original provisions of bill; amend KRS 161.550 to establish a four-year phase-in to the full actuarially required contribution rate for the KTRS pension fund beginning July 1, 2016; require that reducing debt service on bonds previously issued for KTRS to be used to pay the state's share of the additional contributions required under the four-year phase-in; insert budget language for the 2016-2018 biennium regarding funding paid directly to Kentucky Teachers' Retirement System; require the bill to prevail over any other legislation enacted during the 2016 Regular Session; EMERGENCY. |
| Index Headings |
Fiscal Note - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Retirement and Pensions - Kentucky Teachers' Retirement System, provide for additional funding and funding note authorization State Agencies - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Actuarial Analysis - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Appropriations - Kentucky Teachers' Retirement System, authorize debt service for funding notes Budget and Financial Administration - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Budget and Financial Administration - Kentucky Teachers' Retirement System, authorize debt service for funding notes |
| Amendment | House Floor Amendment 2 |
|---|---|
| Sponsor | S. Rudy |
| Summary | Delete original provisions of bill; amend KRS 161.550 to establish a 4-year phase-in to the full actuarially required contribution rate for the KTRS pension fund beginning July 1, 2016; require that reducing debt service on bonds previously issued for KTRS to be used to pay the state's share of the additional contributions required under the 4-year phase-in; insert budget language for the 2016-2018 biennium regarding funding paid directly to Kentucky Teachers' Retirement System; require the bill to prevail over any other legislation enacted during the 2016 Regular Session; declare an EMERGENCY. |
| Index Headings |
Fiscal Note - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Retirement and Pensions - Kentucky Teachers' Retirement System, provide for additional funding and funding note authorization State Agencies - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Actuarial Analysis - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Appropriations - Kentucky Teachers' Retirement System, authorize debt service for funding notes Budget and Financial Administration - Kentucky Asset Liability Commission, authorization for funding notes for KTRS Budget and Financial Administration - Kentucky Teachers' Retirement System, authorize debt service for funding notes |
Last updated: 1/16/2019 3:08 PM (EST)