| Last Action | 01/16/20: to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to state-supported universities and community colleges participating in the Kentucky Employees Retirement System and declaring an emergency. |
| Bill Documents | Introduced |
| Fiscal Impact Statement | Actuarial Analysis |
| Bill Request Number | 1213 |
| Sponsor | W. Schroder |
| Summary of Original Version | Amend KRS 61.522 to permit a state-supported university or community college ceasing participation in the Kentucky Employees Retirement System (KERS) nonhazardous plan by June 30, 2020, under the provisions of subsection (8) of KRS 61.522 (2019 SS HB 1), to make an election to retain participation in the retirement plan for only its existing employees who began participating in the systems administered by the Kentucky Retirement Systems prior to September 1, 2008, (Tier I) and, upon its effective cessation date, cease the participation of its existing employees who began participating on or after September 1, 2008, but prior to January 1, 2014 (Tier II); vary assumed rate of return/discount rate used to determine cessation costs from 3% to 4.5% based upon university/college employers' decisions regarding payment type (lump-sum vs. installments) and based on employee type (Tier I and II) and whether those employees will continue to participate in KERS after June 30, 2020; EMERGENCY. |
| Index Headings of Original Version |
Actuarial Analysis - Kentucky Retirement Systems, university and college employers, actuarial cost of Effective Dates, Emergency - KERS, employees of university or college employer, continued participation in Public Officers and Employees - Kentucky Employees Retirement System, university and college employees' continued participation in Retirement and Pensions - KERS, employees of ceased university or college employer, continued participation in State Agencies - Kentucky Retirement Systems, university and college employers, actuarial costs of State Agencies - KERS, employees of ceased university or college employer, continued participation in Universities and Colleges - Kentucky Employees Retirement System, employees continued participation in |
| 01/14/20 |
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| 01/16/20 |
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Last updated: 10/27/2020 12:10 PM (EDT)
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