| Last Action | signed by Governor (Acts, ch. 31) |
|---|---|
| Title | AN ACT relating to local government pension plans. |
| Bill Documents |
Bill
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| Impact Statements | Local Mandate |
| Bill Request Number | 267 |
| Sponsors | C. McDaniel, J. Bowen, D. Carroll |
| Summary of Original Version | Amend KRS 65.156 to allow local government retirement systems created pursuant to KRS 67A.320, 67A.340, 67A.360 to 67A.690, 79.080, 90.400, 90.410, 95.290, 95.520 to 95.620, 95.621 to 95.629, 95.767 to 95.784, 95.851 to 95.884, or KRS Chapter 96 to perform an actuarial valuation once every 5 years instead of every 3 if the system or fund has less than 6 active and retired members; make technical changes; amend KRS 67A.320 to provide that once all liabilities have been satisfied to all persons owed benefits from the pension fund covered by this section, then the board of the fund shall liquidate and distribute to the urban-county government any residual assets of the fund and shall provide a report of the actions taken by the fund to liquidate the residual assets; provide that elected members of the fund's board may also be retirees; make technical and conforming amendments; amend KRS 90.400 and 90.410 to provide that once all liabilities have been satisfied to all persons owed benefits from the pension fund covered by this section, then the board of the fund shall liquidate and distribute to the city any residual assets of the fund and shall provide a report of the actions taken by the fund to liquidate the residual assets; make technical and conforming amendments; amend KRS 95.290, 95.530, 95.622, and 95.869 to provide that once all liabilities have been satisfied to all persons owed benefits from the pension fund covered by this section, then the board of the fund shall liquidate and distribute to the city any residual assets of the fund and shall provide a report of the actions taken by the fund to liquidate the residual assets; provide that if there are fewer than 6 active and retired members of the fund, the board shall be composed of the mayor, city treasurer or chief financial officer, and employees from the city police or fire department appointed by the mayor; make technical and conforming amendments; amend KRS 95.761 and 95.767 provide that if there are fewer than 6 active and retired members of the fund, the board shall be composed of the mayor, city treasurer or chief financial officer, and employees and members of the city legislative body appointed by the mayor; amend KRS 95.783 and 96.180 to provide that once all liabilities have been satisfied to all persons owed benefits from the pension fund covered by this section, then the board of the fund shall liquidate and distribute to the city any residual assets of the fund and shall provide a report of the actions taken by the fund to liquidate the residual assets; amend KRS 67A.655, 78.531, 95.010, 95.580, 95.590, 95.610, 95.620, 95.628, 95.762, 95.765, 95.768, 95.769, 95.771, 95.772, 95.777, 95.778, 95.779, 95.859, 95.868, 95.872, 95.875, 95.890, and 427.125 to make technical and conforming amendments; repeal 95.785. |
| Index Headings of Original Version |
Retirement and Pensions - Closed city employee pension plans, actuarial reporting and board membership Retirement and Pensions - Closed city pension plans, residual assets returned to city upon payment of all benefits Cities - Closed city pension plans, actuarial reporting and board membership Cities - Closed city pension plans, residual assets returned to city upon payment of all benefits Counties, Urban - Closed urban county employee pension plans, actuarial reporting and board membership Counties, Urban - Closed urban county pension plans, residual assets returned to city upon payment of all benefits Local Mandate - Closed city pension plans, residual assets returned to city upon payment of all benefits |
| Proposed Amendments | Senate Committee Substitute 1 |
| Votes | Vote History |
| 01/06/16 |
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| 01/07/16 |
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| 01/20/16 |
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| 01/21/16 |
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| 01/25/16 |
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| 01/26/16 |
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| 01/27/16 |
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| 02/01/16 |
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| 03/15/16 |
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| 03/17/16 |
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| 03/18/16 |
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| 03/22/16 |
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| 03/23/16 |
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| 04/04/16 |
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| Amendment | Senate Committee Substitute 1 |
|---|---|
| Impact Statements | Local Mandate |
| Summary | Retain original provisions except to require a majority vote rather than unanimous vote of the city legislative body to begin the distribution process of residual assets of a closed locally administered pension fund that has paid all benefits owed; amend KRS 67A.320 to provide that any residual assets that would be distributed from the Employees' Pension Fund from an urban-county government shall be deposited into the urban-county government's Policemen's and Firefighter's Retirement Fund as a supplemental contribution. |
| Index Headings |
Retirement and Pensions - Closed city employee pension plans, actuarial reporting and board membership Retirement and Pensions - Closed city pension plans, residual assets returned to city upon payment of all benefits Cities - Closed city pension plans, actuarial reporting and board membership Cities - Closed city pension plans, residual assets returned to city upon payment of all benefits Counties, Urban - Closed urban county employee pension plans, actuarial reporting and board membership Counties, Urban - Closed urban county pension plans, residual assets returned to city upon payment of all benefits Local Mandate - Closed city pension plans, residual assets returned to city upon payment of all benefits |
Last updated: 1/16/2019 3:08 PM (EST)