| Title | AN ACT relating to retirement costs for Kentucky Retirement Systems employers, declaring an emergency, and making an appropriation therefor. |
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| Bill Documents | Original |
| Sponsors | J. DuPlessis, S. Sheldon |
| 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 |
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 |
| 12/12/19 | Prefiled by the sponsor(s). |
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Last updated: 1/6/2020 3:52 PM (EST)
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