|02/25/19: returned to State & Local Government (S)
|AN ACT relating to the Teachers' Retirement System.
|Fiscal Impact Statement
|Bill Request Number
|Summary of Original Version
|Create a new section of KRS 161.220 to 161.716 to permit the Teachers' Retirement System (TRS) to use and accept electronic signatures as deemed appropriate; amend KRS 161.220 to emphasize that annual compensation does not include benefit or salary adjustments that are not available to all members of an agency; amend KRS 161.290 to require all public employers to grant paid leave to teacher trustees serving on the TRS board; amend KRS 161.310 to specify the types of remuneration included in retirement incentives; amend KRS 161.340 to add insurance to the items for which TRS may contract and delete requirement for the procurement of fiduciary bonds for board trustees and executive secretary and add that the board may expend funds as necessary for indemnification and self-insurance; amend KRS 161.430 to update contract language regarding money managers and consultants; remove references to the book value of assets in regard to limitations on funds managed internally by the system's investment staff; remove the requirement that the board investment committee may consist of the executive secretary of the system and two trustees,; require the system's staff to be subject to fiduciary requirements applicable to board members, employees, and investment consultants; change standards from CFA Institute’s code of ethics to compliance with federal securities law; and make technical amendments; amend KRS 161.470 to make technical corrections; amend KRS 161.480 to automatically designate a TRS member's spouse as beneficiary for an active member's account balance upon employment until changed by the member; declare the member's spouse as beneficiary of the active member's account balance in the event all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.500 to specifically address service credit for contracts exceeding 185 days; amend KRS 161.515 to reference new retirement factors for out-of-state service purchases; amend KRS 161.520 to delete the requirement of physicians' statements corroborating the mental competency of an adult child waiving survivorship benefits; amend KRS 161.540 to specify eligibility requirements for including annual leave credit in the retirement calculation for calendar-year contracts; amend KRS 161.545 to provide that full-time sabbatical leave by university staff participating in the TRS shall be deemed full-time employment for retirement purposes; require employee and employer contributions to be paid during the period of sabbatical leave; amend KRS 161.553 to adjust the cost schedules of providing statutory benefit improvements for annuitants; amend KRS 161.560 to adjust the methods by which participating employers shall file contribution data and set penalties for noncompliance that TRS may impose; amend KRS 161.597 to require a refund of prior installment payments and a reduction in service credit for a member in default on installment payments; amend KRS 161.605 to make technical changes; specify that medical insurance is not compensation; require a refund of retirement contributions made on compensation that exceeds salary limitations; provide that breaks in service are required before returning to work for the employer even if in a position not covered by TRS if the member is under age 60; begin running of breaks in service from date of retirement; prohibit prearranged agreements between a retiring member and employer for member to return to work after retirement and require certification thereof; allow TRS to provide medical insurance to retired members who return to work when medical insurance is not available from the employer; allow the commissioner of education to pay reemployed retirees in excess of statutory maximums if the commissioner deems that the employees have the necessary experience to provide services and support to persistently low-achieving schools as provided by KRS 160.346; require retired members under age 60 returning to work for certain state universities and state community colleges to comply with the separation-from-service requirements, effective July 1, 2019; amend KRS 161.612 to reduce the $500 minimum monthly disability benefit by benefit payments from all state-administered retirement systems for part-time employees and substitute teachers participating in the TRS who apply for disability benefits on or after July 1, 2019; provide that part-time employees and substitute teachers are not eligible to apply for a disability retirement allowance if they are eligible for a nondiscounted service retirement allowance; amend KRS 161.614 to include mediation awards to a method that may be binding for the adjustment of a member’s account; amend KRS 161.620 to specify the option for seeking inflation adjustments; amend KRS 161.630 to make technical changes; amend KRS 161.643 to authorize TRS to require more frequent submission of annual reports on reemployed employees by participating employers; amend KRS 161.650 to automatically designate a TRS member's spouse as beneficiary for a retired member's remaining account balance at the time of death unless changed by the member; declare the member's spouse as beneficiary of the retired member's remaining account balance in the event all named beneficiaries predecease the retired member or the member fails to name a beneficiary for the account balance; amend KRS 161.655 to automatically designate a TRS member's spouse as beneficiary for the life insurance benefit available to active and retired members unless changed by the member; declare the member's spouse as beneficiary of the life insurance benefit available to active and retired members if, upon the death of the member, all named beneficiaries predecease the member or the member fails to name a beneficiary; amend KRS 161.661 to provide that members who begin participating on or after July 1, 2019, shall not be eligible for a disability benefit if they are eligible for any unreduced benefit and that they shall have their $500 minimum monthly disability benefit reduced by benefit payments from all state-administered retirement systems; amend KRS 161.680 to provide detail describing the system's authority to collect overpayments; EMERGENCY.
|Index Headings of Original Version
Education, Elementary and Secondary - Teachers' Retirement System, housekeeping bill
Effective Dates, Emergency - Teachers' Retirement System, housekeeping bill, fiduciary requirements
Public Officers and Employees - Teachers, retirement systems housekeeping bill
Retirement and Pensions - Teachers' Retirement System, disability benefits for new hires and part-time employees
Retirement and Pensions - Teachers' Retirement System, reemployment after retirement
Teachers - Teachers' Retirement System, housekeeping bill
Actuarial Analysis - Teachers' Retirement System, housekeeping bill
Last updated: 11/9/2023 3:08 PM (EST)