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House Bill 351

Actions | Amendments

Last Action	signed by Governor (Acts, ch. 104)
Title	AN ACT relating to Kentucky Retirement Systems agency participation and declaring an emergency.
Bill Documents	Current/Final Introduced
Impact Statements	Actuarial Analysis Fiscal Note
Bill Request Number	903
Sponsor	J. Miller
Summary of Original Version	Amend KRS 61.522 to remove installments as a payment option for agencies required to pay the actuarial costs for ceasing participation in the Kentucky Retirement Systems; clarify conditions in which an employee seeking to transfer funds to the ceasing employer's alternative retirement program is not included in the employer actuarial cost calculation; specify that the systems shall develop separate assumptions for determining the employer's cost to cease participation; specify the formula for determining the assumed rate of return in the cost calculation; provide noncodified language to state the provisions shall apply retroactively to any matter pending before the Kentucky Retirement Systems board; EMERGENCY.
Index Headings of Original Version	Public Officers and Employees - Retirement, actuarial cost to employers ceasing participation in KERS/CERS Retirement and Pensions - Kentucky Retirement Systems, actuarial cost to employers ceasing participation State Agencies - Kentucky Retirement Systems, actuarial cost to employers ceasing participation Fiscal Note - Kentucky Retirement Systems, actuarial cost to employers ceasing participation Actuarial Analysis - Kentucky Retirement Systems, actuarial cost to employers ceasing participation
Proposed Amendments	House Committee Substitute 1 House Floor Amendment 1
Votes	Vote History

Actions

Top | Amendments

02/14/17	introduced in House
02/15/17	to State Government (H)
02/21/17	posted in committee
02/22/17	posted in committee
02/23/17	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/24/17	2nd reading, to Rules
02/27/17	floor amendment (1) filed to Committee Substitute
03/01/17	posted for passage in the Regular Orders of the Day for Thursday, March 2, 2017
03/03/17	3rd reading, passed 64-18 with Committee Substitute and floor amendment (1)
03/06/17	received in Senate
03/07/17	to State & Local Government (S)
03/08/17	taken from State & Local Government (S) 1st reading returned to State & Local Government (S)
03/14/17	taken from State & Local Government (S) 2nd reading returned to State & Local Government (S)
03/15/17	reported favorably, to Rules as a consent bill posted for passage in the Consent Orders of the Day for Wednesday, March 15, 2017 3rd reading, passed 37-0-1 received in House enrolled, signed by Speaker of the House enrolled, signed by President of the Senate delivered to Governor
03/21/17	signed by Governor (Acts, ch. 104)

Proposed Amendments

Top | Actions

Amendment	House Committee Substitute 1
Impact Statements	Actuarial Analysis
Summary	Retain original provisions, except delete original retroactivity language, and instead permit an employer who has filed the paperwork to voluntarily cease participation prior to the effective date of the Act to have their full actuarial cost calculated based upon the assumptions and methodology established by the Kentucky Retirement Systems' board, except that the assumed investment return assumption, which is also the rate used to discount liabilities, shall be four and five-tenths percent, and such employer shall be eligible to pay the full actuarial cost in installments over a period of time determined by the board, not to exceed 20 years, with interest at the actuarially assumed rate of return.
Index Headings	Public Officers and Employees - Retirement, actuarial cost to employers ceasing participation in KERS/CERS Retirement and Pensions - Kentucky Retirement Systems, actuarial cost to employers ceasing participation State Agencies - Kentucky Retirement Systems, actuarial cost to employers ceasing participation Fiscal Note - Kentucky Retirement Systems, actuarial cost to employers ceasing participation Actuarial Analysis - Kentucky Retirement Systems, actuarial cost to employers ceasing participation

Amendment	House Floor Amendment 1
Sponsor	J. Miller
Summary	Require that employers paying by installments have the full actuarial cost calculated using a four percent assumed rate of return; provide that employers ceasing participation prior to the effective be provided a breakdown of the costs for ceasing participation by current or former employees for the purposes of allocating costs among organizational units.
Index Headings	Public Officers and Employees - Retirement, actuarial cost to employers ceasing participation in KERS/CERS Retirement and Pensions - Kentucky Retirement Systems, actuarial cost to employers ceasing participation State Agencies - Kentucky Retirement Systems, actuarial cost to employers ceasing participation Fiscal Note - Kentucky Retirement Systems, actuarial cost to employers ceasing participation Actuarial Analysis - Kentucky Retirement Systems, actuarial cost to employers ceasing participation

Last updated: 1/16/2019 3:02 PM (EST)