House Bill 558

Actions
Last Action 03/04/20: to State Government (H)
Title AN ACT relating to employees of agencies who cease participation in the Kentucky Retirement Systems.
Bill Documents Introduced
Fiscal Impact Statement Actuarial Analysis
Bill Request Number 464
Sponsor R. Goforth
Summary of Original Version Amend KRS 61.595 and 61.559 to provide that vested Tier I and Tier II employees of an employer who, has ceased participation in the Kentucky Employees Retirement System (KERS) who based upon the employer's choice are no longer eligible to participate in KERS and are required to participate in an alternative retirement plan following the agency's cessation date, can use service credit earned in an alternative retirement to plan determine eligibility for retirement benefits from KERS, but not the amount of benefits, and for purposes of reducing early retirement penalties in the system.
Index Headings of Original Version Retirement and Pensions - KERS agency cessation, service in alternative plan counts towards KRS ret. eligibility, allow
State Agencies - Kentucky Retirement Systems, alt. plan service after agency cessation counts for ret. eligibility
State Employees - KERS agency cessation, service in alternative plan counts towards KRS ret. eligibility, allow
Actuarial Analysis - KERS agency cessation, service in alternative plan counts towards KRS ret. eligibility, allow

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03/02/20
  • introduced in House
03/04/20
  • to State Government (H)


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