| Last Action | 03/26/20: returned to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to the Teachers' Retirement System. |
| Bill Documents |
Current/Final
Introduced |
| Fiscal Impact Statements |
Actuarial Analysis
Additional Fiscal Impact Statements Exist |
| Bill Request Number | 1473 |
| Sponsor | J. Miller |
| Summary of Original Version | Create a new section of KRS 161.220 to 161.716 to permit the Teachers' Retirement System (TRS) to use and accept electronic signatures as deemed appropriate; amend KRS 161.290 to require all public employers to grant paid leave to teacher trustees serving on the TRS board; amend KRS 161.310 to specify the types of remuneration included in retirement incentives and that costs billed to employers for retirement incentives shall not be an obligation of the state; provide that retirement incentives shall not increase final average salary or annual compensation; amend KRS 161.340 to add insurance to the items for which TRS may contract and delete requirement for the procurement of fiduciary bonds for board trustees and executive secretary and add that the board may expend funds as necessary for indemnification and self-insurance; amend KRS 161.470 to make technical corrections; amend KRS 161.480 to automatically designate a TRS member's spouse as beneficiary for an active member's account balance upon employment until changed by the member; declare the member's spouse as beneficiary of the active member's account balance in the event all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.500 to specifically address service credit for contracts exceeding 185 days; amend KRS 161.515 to reference new retirement factors for out-of-state service purchases; amend KRS 161.540 to specify eligibility requirements for including annual leave credit in the retirement calculation for calendar-year contracts; amend KRS 161.545 to provide that full-time sabbatical leave by university staff participating in the TRS shall be deemed full-time employment for retirement purposes; require employee and employer contributions to be paid during the period of sabbatical leave; amend KRS 161.553 to adjust the cost schedules of providing statutory benefit improvements for annuitants; amend KRS 161.560 to adjust the methods by which participating employers shall file contribution data and set penalties for noncompliance that TRS may impose; amend KRS 161.597 to require a refund of prior installment payments and a reduction in service credit for a member in default on installment payments; amend KRS 161.614 to include mediation awards to a method that may be binding for the adjustment of a member’s account; amend KRS 161.620 to make technical amendments; amend KRS 161.630 to make technical changes; amend KRS 161.643 to authorize TRS to require more frequent submission of annual reports on reemployed employees by participating employers; amend KRS 161.650 to automatically designate a TRS member's spouse as beneficiary for a retired member's remaining account balance at the time of death unless changed by the member; declare the member's spouse as beneficiary of the retired member's remaining account balance in the event all named beneficiaries predecease the retired member or the member fails to name a beneficiary for the account balance; amend KRS 161.655 to automatically designate a TRS member's spouse as beneficiary for the life insurance benefit available to active and retired members unless changed by the member; declare the member's spouse as beneficiary of the life insurance benefit available to active and retired members if, upon the death of the member, all named beneficiaries predecease the member or the member fails to name a beneficiary; and amend KRS 161.680 to provide detail describing the system's authority to collect overpayments. |
| Index Headings of Original Version |
Education, Elementary and Secondary - Teachers' Retirement System, housekeeping bill Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Teachers' Retirement System, housekeeping bill Teachers - Teachers' Retirement System, housekeeping bill Actuarial Analysis - Teachers' Retirement System, housekeeping bill |
| Jump to Proposed Amendments | House Committee Substitute 1 with Fiscal Impact Statements |
| Votes | Vote History |
| 02/07/20 |
|
|---|---|
| 02/10/20 |
|
| 02/11/20 |
|
| 02/27/20 |
|
| 02/28/20 |
|
| 03/02/20 |
|
| 03/18/20 |
|
| 03/19/20 |
|
| 03/26/20 |
|
| Amendment | House Committee Substitute 1 |
|---|---|
| Fiscal Impact Statement | Actuarial Analysis to House Committee Substitute 1 |
| Summary | Retain original provisions; amend KRS 161.310 to specify that retirement incentives do not include lump sum payments for accumulated sick, annual, or compensatory leave that are generally available to members of the employer upon termination of employment; and amend KRS 161.520 to provide that a surviving spouse's benefits may continue upon remarriage and that, for new members, on or after the effective date of this Act, survivorship benefits shall not apply in the case of a marriage of less than five years. |
| Index Headings |
Actuarial Analysis - Teachers, retirement systems housekeeping bill Education, Elementary and Secondary - Teachers' Retirement System, housekeeping bill Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Teachers' Retirement System, housekeeping bill Retirement and Pensions - Teachers' Retirement System, surviving spouse's remarriage, benefits continue after Teachers - Retirement System, surviving spouse's remarriage, benefits continue after Teachers - Teachers' Retirement System, housekeeping bill |
Last updated: 10/27/2020 12:10 PM (EDT)
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