| Last Action | signed by Governor (Acts, ch. 32) |
|---|---|
| Title | AN ACT relating to the Kentucky Retirement Systems. |
| Bill Documents |
Current/Final
Introduced |
| Impact Statements | Actuarial Analysis |
| Bill Request Number | 825 |
| Sponsor | J. Miller |
| Summary of Original Version | Amend KRS 16.505 to require that lump-sum payments or nonrecurring payments provided to members of the State Police Retirement System (SPRS) shall, as determined by the board, be credited when earned or classified as a lump-sum bonus and averaged over the career of the member as it relates to "creditable compensation"; require that for members entering SPRS on or after September 1, 2008, compensatory time payments excluded from "creditable compensation" apply to lump-sum compensatory time payments; make technical amendments; amend KRS 16.582 to remove language which prohibits an injury or disease resulting from military service from being considered a disabling condition for hazardous members of Kentucky Retirement Systems; require that lump-sum payments or nonrecurring payments shall, as determined by the board, be credited when earned or classified as a lump-sum bonus and averaged over the career of the member as it relates to "creditable compensation"; provide that interim positions in the Kentucky Employees Retirement System (KERS) and probationary positions in the County Employees Retirement System (CERS) shall not be renewable by the employer for the same employee unless the employee has not been employed by the agency for 12 months; require that for members entering KERS or CERS on or after September 1, 2008, compensatory time payments excluded from "creditable compensation" shall apply to lump-sum compensatory time payments; make technical amendments; amend KRS 61.542 to remove the requirement that the estate be designated as beneficiary of a member's account when he or she requests a refund of contributions prior to retirement; provide that the member's estate shall be beneficiary of his or her account from Kentucky Retirement Systems if prior to retirement the member fails to designate a beneficiary or the beneficiary designation is found to be void; provide that a beneficiary may not be changed on or after the first day of the month in which a retired employee begins receiving retirement benefits; provide that reemployed retirees who establish a second retirement account will have their estate named beneficiary if they fail to designate a beneficiary for their new account; amend KRS 61.545 to remove provisions allowing a member who is simultaneously eligible for participation in more than one retirement system administered by Kentucky Retirement Systems to select participation in only one system; make conforming amendments; amend KRS 61.552 to conform to federal law the payment options available to members for purchasing service credit; remove service purchase provisions no longer applicable to current members; require agencies that fail to report employees to the retirement system to pay penalties and interest on employer contributions from the date the contributions should have been reported to the system; make technical amendments; amend KRS 61.555 to provide that the service credit that is granted without cost to employees who are called to active duty military deployment shall be limited to those whose rights to such benefits have not been terminated under the federal Uniformed Services Employment and Reemployment Rights Act (USERRA); require employees participating in the hybrid cash balance plan on or after January 1, 2014, who are called to active duty military deployment to pay their employee contributions if they are granted service credit, as required by USERRA, for the period of active duty deployment; require employers to make contributions for service credited to employees who are called to active duty military deployment as required by USERRA; make conforming amendments; amend KRS 61.557 to make technical amendments; amend KRS 61.560 to prevent retirees reemployed on or after September 1, 2008, from paying into the systems; make conforming amendments; amend KRS 61.590 to make technical changes; require a retiring employee to separate employment with all participating system employers; amend KRS 61.680 to provide for consolidation of accounts with other state-administered retirement systems onlyif the member retires simultaneously from all state-administered retirement systems or retires from the other state-administered retirement systems within one month of retiring from the systems administered by Kentucky Retirement Systems; make technical amendments; amend KRS 16.520, 61.525, 61.526, 61.5525, 61.592, 61.702, 78.540, 78.610, and 78.615 to make technical and conforming amendments. |
| Index Headings of Original Version |
Public Officers and Employees - Retirement, Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill State Agencies - Kentucky Retirement Systems, housekeeping bill Local Government - Kentucky Retirement Systems, housekeeping bill Police, State - Kentucky Retirement Systems, housekeeping bill Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill |
| Proposed Amendments |
House Committee Substitute 1 House Floor Amendment 1 |
| Votes | Vote History |
| 01/07/17 |
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|---|---|
| 02/07/17 |
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| 02/08/17 |
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| 02/09/17 |
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| 02/10/17 |
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| 02/13/17 |
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| 02/16/17 |
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| 02/21/17 |
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| 02/22/17 |
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| 02/23/17 |
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| 03/01/17 |
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| 03/02/17 |
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| 03/06/17 |
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| 03/07/17 |
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| 03/08/17 |
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| 03/20/17 |
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| Amendment | House Committee Substitute 1 |
|---|---|
| Impact Statements | Actuarial Analysis |
| Summary | Retain original provisions and amend KRS 16.505 relating to the State Police Retirement System (SPRS) to allocate any award of creditable compensation resulting from judicial or relevant administrative litigation to those years when the compensation was actually earned or should have been paid by the employer; amend KRS 61.510, relating to the Kentucky Employees Retirement System (KERS), and 78.510, relating to the County Employees Retirement System (CERS), to allocate any award of creditable compensation resulting from judicial or relevant administrative litigation to those years when the compensation was actually earned or should have been paid by the employer; delete amendment to KRS 61.510 changing the definition of "interim positions" making them nonrenewable within the same 12-month period. |
| Index Headings |
Public Officers and Employees - Retirement, Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill State Agencies - Kentucky Retirement Systems, housekeeping bill Local Government - Kentucky Retirement Systems, housekeeping bill Police, State - Kentucky Retirement Systems, housekeeping bill Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill |
| Amendment | House Floor Amendment 1 |
|---|---|
| Sponsor | B. Linder |
| Summary | Delete changes to KRS 61.555 affecting employees participating in the hybrid cash balance plan on or after January 1, 2014, who are called to active duty military deployment regarding payment of their employee contributions if they are granted service credit for the period of active duty deployment. |
| Index Headings |
Public Officers and Employees - Retirement, Kentucky Retirement Systems, housekeeping bill Retirement and Pensions - Kentucky Retirement Systems, housekeeping bill State Agencies - Kentucky Retirement Systems, housekeeping bill Local Government - Kentucky Retirement Systems, housekeeping bill Police, State - Kentucky Retirement Systems, housekeeping bill Actuarial Analysis - Kentucky Retirement Systems, housekeeping bill |
Last updated: 1/16/2019 3:02 PM (EST)