| Last Action | 01/31/20: to State Government (H) |
|---|---|
| Title | AN ACT relating to retirement plans covering legislators and declaring an emergency. |
| Bill Documents | Introduced |
| Fiscal Impact Statement | Actuarial Analysis |
| Bill Request Number | 1262 |
| Sponsor | J. Graviss |
| Summary of Original Version | Create a new section of KRS 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 LRP members who entered the plan on or after January 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; repeal. reenact, and amend KRS 6.520 to allow a member of LRP in the traditional defined benefit plan to elect to have their benefit factor lowered from 2.75% to 1.97% for service accrued on or after July 1, 2020; repeal, reenact, and amend KRS 6.525 to provide that a member in the LRP traditional defined benefit plan may elect to not include any non-legislative compensation earned in another state-administered retirement system on or after July 1, 2020, in the calculation of their LRP benefits; amend KRS 21.525 to provide that the Judicial Form Retirement System shall not request or receive any funding for the LRP, except for administrative expenses, until 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, a member may elect compensation earned for other covered public employment which shall not be used to determine the portion of their benefit related to their service to the General Assembly; amend KRS 6.500 to conform; repeal, reenact, and amend KRS 6.505, 21.402, and 61.680 to conform and to restore and delete language due to a recent court ruling; EMERGENCY. |
| Index Headings of Original Version |
Actuarial Analysis - Legislators' Retirement Plan, close plan to new members and transfer cash balance members to KERS Effective Dates, Emergency - Legislators' Retirement Plan, close plan to new members and transfer cash balance members to KERS General Assembly - Legislators' Retirement Plan, close plan to new members and transfer cash balance members to KERS General Assembly - Retirement, member option to reduce legislative retirement benefits Public Officers and Employees - Legislators' Retirement Plan, close plan to new members and transfer cash balance members to KERS Public Officers and Employees - Legislators' Retirement Plan, member option to reduce future benefits Retirement and Pensions - Legislators' Retirement Plan, close plan to new members and transfer cash balance members to KERS Retirement and Pensions - Retirement, member option to reduce legislative retirement benefits |
| 01/29/20 |
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| 01/31/20 |
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Last updated: 10/27/2020 12:10 PM (EDT)
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