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Senate Bill 249

Actions | Amendments
Last Action 04/08/20: signed by Governor (Acts Ch. 82)
Title AN ACT relating to retirement and declaring an emergency.
Bill Documents Current/Final
Introduced
Fiscal Impact Statements Actuarial Analysis
Local Mandate
Additional Fiscal Impact Statements Exist
Bill Request Number 1053
Sponsor C. McDaniel
Summary of Original Version Amend KRS 61.565 to reset amortization period to a new 30-year period effective with the 2019 valuation; establish layered amortization method by requiring any increase or decrease in actuarially accrued liability after the 2019 valuation to be amortized over separate 20-year closed periods beginning with the valuation in which the increase or decrease is first recognized; amend KRS 61.510 to remove the definition of "level dollar amortization method" and define "level percentage of payroll amortization method"; provide that Kentucky Retirement Systems shall amend the 2019 actuarial valuation in accordance with the amendments to KRS 61.565 in this Act and provide updated employer contributions to the Governor and General Assembly; provide that CERS employer rate phase in is paused for one year period; EMERGENCY.
Index Headings of Original Version Effective Dates, Emergency - Retirement, KERS, CERS, SPRS Employer Rates
Local Government - Retirement, reset of amortization period, layered process, CERS phase-in pause
Retirement and Pensions - Retirement, reset of amortization period, layered process
State Employees - Retirement, reset of amortization period, layered process
Actuarial Analysis - Retirement, reset of amortization period, layered process
Local Mandate - Retirement, reset of amortization period, layered process
Jump to Proposed Amendments House Committee Substitute 1 with Fiscal Impact Statements
House Floor Amendment 1
House Floor Amendment 2
House Floor Amendment 3
House Floor Amendment 4
Votes Vote History

Actions

Top | Amendments
03/03/20
  • introduced in Senate
03/05/20
  • to State & Local Government (S)
03/11/20
  • reported favorably, 1st reading, to Consent Calendar
03/12/20
  • 2nd reading, to Rules
03/17/20
  • posted for passage in the Consent Orders of the Day for Tuesday, March 17, 2020
  • 3rd reading, passed 34-0
03/18/20
  • received in House
  • taken from Committee on Committees (H)
  • 1st reading
  • to Appropriations & Revenue (H)
  • posting waived
03/19/20
  • reported favorably, 2nd reading, to Rules with Committee Substitute (1)
03/26/20
  • floor amendment (1) filed to Committee Substitute , floor amendment (2-title) filed to bill
04/01/20
  • taken from Rules (H)
  • placed in the Orders of the Day for Wednesday, April 1, 2020
  • floor amendments (3) and (4-title) filed
  • 3rd reading, passed 89-1 with floor amendments (3) and (4-title)
  • received in Senate
  • to Rules (S)
  • posted for passage for concurrence in House floor amendments (3) and (4-title)
  • Senate concurred in House floor amendments (3) and (4-title)
  • passed 33-0
  • enrolled, signed by President of the Senate
  • enrolled, signed by Speaker of the House
  • delivered to Governor
04/08/20
  • signed by Governor (Acts Ch. 82)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Fiscal Impact Statements Actuarial Analysis to House Committee Substitute 1
Local Mandate to House Committee Substitute 1
Summary Repeal, reenact, and amend KRS 61.565 to change the Kentucky Employees Retirement System's (KERS) nonhazardous employer contribution payable on or after July 1, 2020, from a percentage of pay for both the normal cost contribution and the actuarially accrued liability contribution to a normal cost that is a percent of pay and an actuarially accrued liability contribution that is a set dollar amount for each individual KERS nonhazardous employer based upon the employer's percent share of the liability as of the June 30, 2019 actuarial valuation; reset the amortization period for legacy liabilities of the KERS, County Employees Retirement System (CERS), and the State Police Retirement System (SPRS) to a new 30-year period effective with the 2019 valuation and to establish layered 20 year closed amortization periods for any future annual increases or decreases in actuarially accrued liabilities after the 2019 valuation; make technical amendments and conform to a recent court opinion; amend KRS 61.510 to confirm to a recent court decision as it relates to a definition used for purposes of KRS 61.565 and to make conforming amendments; amend KRS 212.792 to specify the allocation of retirement costs as provided by the bill in the event an independent health district ceases to exist or has a county to withdraw from the district; provide that Kentucky Retirement Systems shall amend the 2019 actuarial valuation in accordance with the amendments to KRS 61.565 in this Act and provide updated employer contributions to the Governor and General Assembly; provide that CERS employer rate phase in is paused for one year period.
Index Headings Actuarial Analysis - Retirement, reset of amortization period, layered process, liability based modeling for KERS
Local Mandate - Retirement, reset of amortization period, layered process, liability based modeling for KERS
Local Government - Retirement, reset of amortization period, layered process, CERS phase-in pause
Retirement and Pensions - Kentucky Retirement Systems, reset of amortization period, KERS liability based modeling
State Employees - Retirement, reset of amortization period, layered process, lability based modeling for KERS

Amendment House Floor Amendment 1
Piggyback? Yes
Sponsor J. Blanton
Summary Retain original provisions; amend KRS 16.582 and 61.621 to increase minimum total and permanent in line of duty or duty-related disability benefits payable to a member of any of the systems administered by the Kentucky Retirement Systems from 25% to 75% of the member's monthly average pay; amend KRS 16.505, 61.510, and 78.510 to define "monthly average pay" as it relates to total and permanent line of duty and duty-related disability benefits; amend KRS 16.505 to amend the definition of "dependent child" as it relates to total and permanent line of duty or duty-related disability; amend KRS 61.702 to ensure full hospital and medical insurance benefits for the member, spouse, and dependents of a member who has a total and permanent in line of duty or duty-related disability; provide for prospective adjustments in benefits for those eligible members who were totally and permanently disabled in line of duty or due to a duty-related injury; EMERGENCY.
Index Headings Effective Dates, Emergency - Line of duty, disability benefits, adjustment of
Peace Officers and Law Enforcement - Line of duty, disability benefits, adjustment of
Public Officers and Employees - Line of duty, disability benefits, adjustment of
Retirement and Pensions - Line of duty, disability benefits, adjustment of
Retroactive Legislation - Line of duty, disability benefits, adjustment of

Amendment House Floor Amendment 2
Sponsor J. Blanton
Summary Make title amendment.
Index Headings Title Amendments - SB 249

Amendment House Floor Amendment 3
Sponsor S. Rudy
Summary Retain original provisions of SB 249 GA; make technical amendments; amend KRS 61.522 to delay the one-time window where quasi-governmental agencies may voluntarily cease participation in the Kentucky Employees Retirement System (KERS) from June 30, 2020, to June 30, 2021; make amendments to KRS 61.522 retroactive to April 1, 2020; EMERGENCY.
Index Headings Effective Dates, Emergency - Retirement, KERS, CERS, SPRS Employer Rates
Local Government - Retirement, reset of amortization period, layered process, CERS phase-in pause
Retirement and Pensions - Retirement, reset of amortization period, layered process
Retirement and Pensions - KERS quasi-governmental cessation provisions, change effective date to June 30, 2022
State Employees - Retirement, reset of amortization period, layered process

Amendment House Floor Amendment 4
Sponsor S. Rudy
Summary Make title amendment.
Index Headings Title Amendments - SB 249/GA

Last updated: 10/27/2020 12:10 PM (EDT)
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