| Last Action | 02/11/20: recommitted to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to retirement plans covering legislators and declaring an emergency. |
| Bill Documents | Introduced |
| Fiscal Impact Statements |
Actuarial Analysis
Additional Fiscal Impact Statements Exist |
| Bill Request Number | 268 |
| Sponsors | J. Tipton, K. King |
| Summary of Original Version | Create a new section of KRS Chapter 6.500 to 6.577 to close the Legislators' Retirement Plan (LRP) to new members effective July 1, 2020, and to provide that new legislators shall participate in the Kentucky Employees Retirement System (KERS) for the duration of their legislative service; clarify that legislators who are also teachers contributing to the Teachers' Retirement System (TRS) may continue to participate in TRS while serving as a member of the General Assembly; provide that Legislators' Retirement Plan (LRP) members who entered the plan on or after 1/1/2014 and who are participating in the LRP cash balance plan shall have their account balance transferred to the KERS hybrid cash balance plan and shall prospectively participate in KERS for the duration of their legislative service; amend KRS 6.505 to provide that legislative changes that are enacted on or after July 1, 2020, for the Legislators' Retirement Plan shall not be part of the "inviolable contract" and to make conforming amendments; amend KRS 6.520 to provide that the LRP benefit factor for the traditional defined benefit plan shall be lowered from 2.75% to 1.97% for service accrued on or after July 1, 2020; amend KRS 6.525 to provide that non-legislative compensation earned in another state-administered retirement system on or after July 1, 2020, shall not be used to calculate benefits in the Legislators' Retirement Plan; amend KRS 21.525 to provide that the Judicial Form Retirement System shall not request nor receive any funding for the Legislators' Retirement Plan (LRP), except for administrative expenses, until such time the LRP plan has an actuarial funding level equal to or less than the KERS nonhazardous pension fund; amend KRS 61.510 to provide that for any service to the General Assembly that is credited to the Kentucky Employees Retirement System, no compensation earned for other covered public employment shall be used to determine the portion of their benefit related to their service to the General Assembly; amend KRS 6.500, 21.402, and 61.680 to conform and to restore/remove language due to a recent court ruling; EMERGENCY. |
| Index Headings of Original Version |
Actuarial Analysis - Legislators' Retirement Plan, prospectively adjust benefits for legislators. General Assembly - Retirement, prospectively adjust legislative retirement benefits. Public Officers and Employees - Legislators' Retirement Plan, prospectively adjust benefits for legislators. Retirement and Pensions - Legislators' Retirement Plan, prospectively adjust benefits for legislators. |
| Jump to Proposed Amendments | House Committee Substitute 1 with Fiscal Impact Statements |
| 01/16/20 |
|
|---|---|
| 01/21/20 |
|
| 01/28/20 |
|
| 02/06/20 |
|
| 02/07/20 |
|
| 02/11/20 |
|
| Amendment | House Committee Substitute 1 |
|---|---|
| Fiscal Impact Statements |
Actuarial Analysis to House Committee Substitute 1
Fiscal Note to House Committee Substitute 1 |
| Summary | Retain original provisions; make technical amendment. |
| Index Headings |
Retirement and Pensions - Legislators' Retirement Plan, prospectively adjust benefits for legislators. Technical Corrections - Technical Correction. Fiscal Note - Legislators' Retirement Plan, prospectively adjust benefits for legislators. General Assembly - Retirement, prospectively adjust legislative retirement benefits. Public Officers and Employees - Legislators' Retirement Plan, prospectively adjust benefits for legislators. |
Last updated: 10/27/2020 12:10 PM (EDT)
To receive notice when the record is updated follow @LRCTweetBot. @LRCTweetBot