| Last Action | 02/21/19: to State Government (H) |
|---|---|
| Title | AN ACT relating to retirement system employer contribution rates. |
| Bill Documents | Introduced |
| Fiscal Impact Statement | Actuarial Analysis |
| Bill Request Number | 1234 |
| Sponsor | J. Miller |
| Summary of Original Version | Repeal, reenact, and amend KRS 161.550 to require employers to pay the full actuarially required contribution to Teachers' Retirement Systems; provide that for the employer rates payable on or after July 1, 2020, the unfunded liabilities shall be financed with a reduced payroll growth assumption so that by the 2025 valuation the level dollar amortization method is used; to prorate unfunded liability payments to each employer based upon the employer's average share of payroll over fiscal years 2015, 2016, and 2017; provide that employer funding requirements shall be determined using the entry age normal cost method, a five-year asset smoothing method, and assumptions adopted by the TRS board; define "normal cost" and "actuarially accrued unfunded liability contribution," and provide that local school districts shall pay 2% of pay towards the costs of new TRS members retirement benefits; amend KRS 161.400 to make conforming amendments; create a new section of KRS 78.510 to 78.852 to provide that CERS employer contribution rates shall not increase by more than 12% per year over the prior fiscal year from July 1, 2018, to June 30, 2028; provide that CERS rate increase limit is retroactive to July 1, 2018; include severability clause. |
| Index Headings of Original Version |
Actuarial Analysis - County Employees Retirement System, phase-in to full ARC Local Government - County Employees Retirement System, phase-in to full ARC Retirement and Pensions - County Employees Retirement System, phase-in to full ARC Retirement and Pensions - Teachers' Retirement System, payment of full ARC by employers, requiring State Agencies - State-Adm. Retirement Systems, funding provisions |
| 02/20/19 |
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| 02/21/19 |
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Last updated: 11/9/2023 3:08 PM (EST)