17RS Senate Bill 226

Senate Bill 226

Actions

Last Action	recommitted to State & Local Government (S)
Title	AN ACT relating to retirement.
Bill Documents	Introduced
Impact Statements	Actuarial Analysis
Bill Request Number	17
Sponsors	J. Bowen, C. McDaniel, R. Alvarado, D. Carroll, C. Embry Jr., R. Girdler, D. Givens, S. Humphries, J. Schickel, W. Schroder, S. West, W. Westerfield, M. Wilson, M. Wise
Summary of Original Version	Create a new section of KRS 78.510 to 78.852 to provide that the administration of the County Employees Retirement System (CERS) shall be transferred from the Kentucky Retirement System (KRS) board of trustees to the CERS board of trustees established on July 1, 2017; allow the new CERS board to contract with KRS for administration of benefits, investments, or other services as needed for a period not to exceed four years; create new sections of KRS 78.510 to 78.852 and amend KRS 78.510, 78.530, 78.535, 78.540, 78.610, 78.615, 78.616, 78.625, 78.630, 78.640, 78.650, 78.652, 78,790, 78.852, and 78.550 to establish separate statutory provisions governing administration, benefits, and investments of the County Employees Retirement System; establish a 9 member CERS board comprised of 3 elected members, and 6 individuals appointed by the Kentucky League of Cities, the Kentucky Association of Counties, or the Kentucky School Boards Association who must have 10 years of "investment experience" or "retirement experience" as defined by the bill; specify investment, reporting, and transparency requirements; amend KRS 6.350, 16.505, 16.555, 16.576, 16.577, 16.583, 16.582, 18A.205, 61.510, 61.522, 61.535, 61.540, 61.545, 61.550, 61.552, 61.5525, 61.555, 61.559, 61.565, 61.590, 61.592, 61.595, 61.597, 61.598, 61.600, 61.607, 61.621, 61.623, 61.625, 61.630, 61.637, 61.650, 61.652, 61.660, 61.665, 61.670, 61.675, 61.680, 61.690, 61.691, 61.701, 61.702, 61.705, 70.292, 70.293, 95.022, 95.290, 161.155, 161.675, to conform; amend KRS 61.645 to remove CERS elected and appointed representation on the KRS board; amend KRS 7A.250 to place CERS under the jurisdiction of the Public Pension Oversight Board; amend KRS 18A.225 to allow CERS retirees to participate in the Kentucky Employees Health Plan; repeal KRS 78.533, 78.534, 78.532, 78.542, 78.545, 212.434; provide that decisions made by the KRS board on behalf of CERS shall stand and shall not be reversed except as provided by KRS 78.510 to 78.852; provide that the three elected CERS trustees serving on the KRS board prior to July 1, 2017, shall serve as the elected trustees on the new CERS board; provide that no provision of this Act shall increase or decrease benefits to members or retired members of KRS or CERS; confirm Executive Order 2016-340 regarding KRS board expansion; EFFECTIVE July 1, 2017.
Index Headings of Original Version	Effective Dates, Delayed - County Employees Retirement Systems Reorganization - Kentucky Retirement Systems, Executive Order 2016-340 Retirement and Pensions - County Employees Retirement System, separate administration from Kentucky Retirement Systems Cities - County Employees Retirement System, separate administration from Kentucky Retirement Systems Counties - County Employees Retirement System, separate administration from Kentucky Retirement Systems Actuarial Analysis - County Employees Retriement System, separate administration from Kentucky Retirement Systems

02/16/17	introduced in Senate
02/21/17	to State & Local Government (S)
02/23/17	reported favorably, 1st reading, to Calendar
02/24/17	2nd reading, to Rules
03/15/17	recommitted to State & Local Government (S)