House Bill 104

Actions | Amendments
Last Action 02/28/20: to State & Local Government (S)
Title AN ACT relating to changing beneficiaries after retirement in state-administered retirement systems.
Bill Documents Current
Introduced
Fiscal Impact Statements Actuarial Analysis
Additional Fiscal Impact Statements Exist
Bill Request Number 463
Sponsors B. Wheatley, K. Banta, T. Bojanowski, G. Brown Jr, D. Graham, J. Graviss, J. Jenkins, C. Massey, C. Miller, R. Roberts, S. Santoro, J. Tipton, S. Westrom
Summary of Original Version Amend KRS 61.542 to allow a retiree who experiences a qualifying event, including marriage, remarriage, the birth or adoption of a child, or the death of a designated beneficiary, to elect to change his or her beneficiary and optional payment plan provided the election is made within 120 days of the qualifying event on a form prescribed by the Kentucky Retirement Systems and provide that in the case of a divorce, annulment, or dissolution of marriage, the retiree's estate shall become the beneficiary; amend KRS 61.590, 61.615, and 61.630 to conform; amend KRS 161.630 to expand the qualifying events for which a retiree may elect to change his or her beneficiary and optional payment plan to include a birth or adoption of a child in addition to marriage, remarriage, and the death of a beneficiary, require that the election be made within 120 days of the qualifying event on a form prescribed by the Teachers' Retirement System, and make technical corrections; amend KRS 161.480 to conform.
Index Headings of Original Version Retirement and Pensions - Kentucky Retirement Systems, post-retirement change of beneficiary and option, qualifying events for
State Employees - Kentucky Retirement Systems, post-retirement change of beneficiary and option, qualifying events for
Teachers - Teachers' Retirement System, post-retirement change of beneficiary and option, qualifying events for
Actuarial Analysis - Teachers' Retirement system, post-retirement change of beneficiary and option, qualifying events for
Jump to Proposed Amendments House Committee Substitute 1 with Fiscal Impact Statements
House Floor Amendment 1
Votes Vote History

Actions

Top | Amendments
11/18/19
  • Prefiled by the sponsor(s).
01/07/20
  • introduced in House
  • to State Government (H)
01/13/20
  • posted in committee
02/13/20
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/14/20
  • 2nd reading, to Rules
02/19/20
  • posted for passage in the Regular Orders of the Day for Thursday, February 20, 2020
02/20/20
  • floor amendment (1) filed to Committee Substitute
02/25/20
  • 3rd reading, passed 88-0 with Committee Substitute (1) and floor amendment (1)
02/26/20
  • received in Senate
02/28/20
  • to State & Local Government (S)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Fiscal Impact Statement Actuarial Analysis to House Committee Substitute 1
Summary Retain original provisions; amend KRS 61.542 to require that a retirement allowance that results from a retired member who experiences a qualifying event changing his or her beneficiary and optional payment plan be actuarially equivalent to the present value of the amount of the retirement allowance payable to the retired member prior to the change in beneficiary and optional payment plan.
Index Headings Retirement and Pensions - Kentucky Retirement Systems, post-retirement change of beneficiary and option, qualifying events for
State Employees - Kentucky Retirement Systems, post-retirement change of beneficiary and option, qualifying events for
Actuarial Analysis - Kentucky Retirement Systems, post-retirement change of beneficiary and option, qualifying events for

Amendment House Floor Amendment 1
Sponsor C. McCoy
Summary Retain original provisions; provide that a retiree, who has experienced a qualiftying event prior to the effective date of this Act, may elect to change benefiticiaries and choose new optional payment plan.
Index Headings Retirement and Pensions - Retirement, post-retirement change of beneficiary and option, qualifying events for
State Employees - Kentucky Retirement Systems, post-retirement change of beneficiary and option, qualifying events for
Teachers - Teachers' Retirement System, post-retirement change of beneficiary and option, qualifying events for

Last updated: 4/29/2020 12:16 PM (EDT)
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