House Bill 171

Actions | Amendments
Last Action 02/14/20: received in Senate
Title AN ACT relating to retirement costs for Kentucky Retirement Systems employers, declaring an emergency, and making an appropriation therefor.
Bill Documents Current
Introduced
Fiscal Impact Statements Actuarial Analysis
Local Mandate
Additional Fiscal Impact Statements Exist
Bill Request Number 292
Sponsors J. DuPlessis, J. Graviss, J. Miller, S. Sheldon, J. Tipton
Summary of Original Version Repeal, reenact, and amend KRS 61.565 to change the Kentucky Employees Retirement System's 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; provide that the set dollar amount for the actuarially accrued liability contribution for KERS nonhazardous funds shall be allocated to each individual employer based upon the employer's percent share of the liability as of the June 30, 2019 actuarial valuation and shall be paid by employers in equal installments monthly; provide criteria for when adjustments to the dollar value and percent share may occur; make technical, clerical, and conforming amendments and to conform to a recent court decision; create a new section of KRS Chapter 42 to establish the Kentucky retirement contribution assistance fund; provide that the purpose of the fund shall be to assist health departments, community mental health centers, and certain other quasi-governmental employers in the Kentucky Employees Retirement System with financial assistance in paying employer contribution rates to the system; specify that funds shall be disbursed by the state budget director and provide criteria for disbursement; amend KRS 61.510 to confirm to a recent court decision as it relates to a definition used for purposes of KRS 61.565; 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; APPROPRIATION; EMERGENCY.
Index Headings of Original Version Effective Dates, Emergency - Retirement, KERS employer rates
Retirement and Pensions - Kentucky Retirement Systems, liability-based contributions for KERS employers
State Agencies - Kentucky Retirement Systems, liability-based contributions for KERS employers
Appropriations - Kentucky Retirement Systems, liability-based contributions for KERS employers
Actuarial Analysis - Kentucky Retirement Systems, liability-based contributions for KERS employers
Local Mandate - Kentucky Retirement Systems, liability-based contributions for KERS employers
Jump to Proposed Amendments House Committee Substitute 1 with Fiscal Impact Statements
House Floor Amendment 1
Votes Vote History

Actions

Top | Amendments
12/12/19
  • Prefiled by the sponsor(s).
01/07/20
  • introduced in House
  • to State Government (H)
01/13/20
  • posted in committee
02/06/20
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/07/20
  • 2nd reading, to Rules
02/10/20
  • posted for passage in the Regular Orders of the Day for Tuesday, February 11, 2020
02/12/20
  • floor amendment (1) filed to Committee Substitute
02/13/20
  • 3rd reading, passed 90-0 with Committee Substitute (1) and floor amendment (1)
02/14/20
  • received in Senate

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 Retain original provisions except to: reset the unfunded liability amortization period for nonhazardous employers in the Kentucky Employees Retirement System to 27 years in the 2019 actuarial valuation (currently 24 years); to remove Section 2 relating to the Kentucky retirement contribution assistance fund; and to make technical and conforming amendments. APPROPRIATION. EMERGENCY
Index Headings Effective Dates, Emergency - Retirement, KERS employer rates
Retirement and Pensions - Kentucky Retirement Systems, liability-based contributions for KERS employers
State Agencies - Kentucky Retirement Systems, liability-based contributions for KERS employers
Appropriations - Kentucky Retirement Systems, liability-based contributions for KERS employers

Amendment House Floor Amendment 1
Sponsor J. DuPlessis
Summary Retain original provisions except to: provide that a single rate shall be provided for agencies in the legislative and judicial branch who participate in the Kentucky Employees Retirement System (KERS); provide that if a KERS employer merges, splits, separates, or establishes a new agency, the systems shall have full authority to allocate the costs to any employer or entity that results from the split, separation, or establishment of a new agency; 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; APPROPRIATION; EMERGENCY.
Index Headings Effective Dates, Emergency - Retirement, KERS employer rates
Retirement and Pensions - Kentucky Retirement Systems, liability-based contributions for KERS employers
State Agencies - Kentucky Retirement Systems, liability-based contributions for KERS employers
Appropriations - Kentucky Retirement Systems, liability-based contributions for KERS employers

Last updated: 2/14/2020 1:51 PM (EST)
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