HB406
WWW Version
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HB 406 / AA/FN (BR 1687) - R. Adkins, G. Brown Jr, T. Burch, M. Cantrell, J. Donohue, K. Flood, A. Gentry, D. Graham, C. Harris, J. Jenkins, D. Keene, M. Marzian, R. Meyer, C. Miller, R. Nelson, S. Overly, R. Rand, J. Richards, S. Riggs, A. Simpson, J. Sims Jr, W. Stone, J. Wayne
AN ACT relating to employer funding for the County Employees Retirement System and declaring an emergency.
Amend KRS 61.565 to establish a phase-in of the actuarially required employer contributions to the County Employees Retirement System (CERS) so that by July 1, 2024, the full actuarially required contribution rate is paid; provide that the maximum annual increase in projected dollars paid shall not exceed 10% of the value from the prior fiscal year through June 30, 2023, provide that rates payable by CERS employers from July 1, 2018, to June 30, 2023; shall be based upon the assumptions established in the 2017 actuarial valuation; require the systems' board of trustees to amend employer rates payable on or after July 1, 2018, accordingly; EMERGENCY.
Feb 20, 2018 - introduced in House
Feb 22, 2018 - to Appropriations & Revenue (H)