| Last Action | 02/25/19: returned to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to agency cessation of participation in the Kentucky Retirement Systems and declaring an emergency. |
| Bill Documents | Introduced |
| Fiscal Impact Statements |
Actuarial Analysis
Local Mandate |
| Bill Request Number | 1425 |
| Sponsor | C. McDaniel |
| Summary of Original Version | Amend KRS 61.522 to allow universities, community colleges, and health departments to cease participating in the Kentucky Employees Retirement System provided the agency pays the cost of ceasing participation as provided by statute; provide a window where quasi-state agencies who are eligible to cease participating in the Kentucky Employees Retirement System or non-stock non-profit agencies eligible to cease participating in the County Employees Retirement System (CERS) may by December 31, 2019, cease participating by paying the actuarial costs of ceasing participation and pay off the cost through equal installments that incresae over time by 1.5% annually with interest charged to the principal balance of the greater of 1.5% or the annual average change in the CPI-U until all costs are paid off; amend KRS 18A.225 to provide that employers ceasing participation in the window may still participate in the Kentucky Employees Health Plan (KEHP) for their employees; EMERGENCY. |
| Index Headings of Original Version |
Actuarial Analysis - Kentucky Retirement Systems, agency cessation of participation Local Mandate - Kentucky Retirement Systems, agency cessation of participation Effective Dates, Emergency - Kentucky Retirement Systems, agency cessation of participation Public Officers and Employees - Kentucky Retirement Systems, agency cessation of participation Retirement and Pensions - Kentucky Retirement Systems, agency cessation of participation State Agencies - Kentucky Retirement Systems, agency cessation of participation Actuarial Analysis - Kentucky Retirement Systems, agency cessation of participation |
| 02/15/19 |
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| 02/19/19 |
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| 02/22/19 |
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| 02/25/19 |
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Last updated: 11/9/2023 3:08 PM (EST)