| Last Action | 04/24/20: signed by Governor (Acts Ch. 121) |
|---|---|
| Title | AN ACT relating to local government pension plans. |
| Bill Documents |
Current/Final
Introduced |
| Fiscal Impact Statements |
Local Mandate
Additional Fiscal Impact Statements Exist |
| Bill Request Number | 1912 |
| Sponsor | M. Wilson |
| Summary of Original Version | Amend KRS 90.400 and 90.410 to permit the board of trustees of a legacy city pension fund having fewer than twelve active and retired members or beneficiaries to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend 95.290 to permit the board of trustees of a legacy policemen's pension fund or firefighters' pension fund in a city of the first class having fewer than twelve active and retired members or beneficiaries to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend KRS 95.530, 95.622, 95.767, and 95.869, to permit the board of trustees of a local legacy policemen's and firefighters' pension fund having fewer than twelve active and retired members or beneficiaries, to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend KRS 95.620 to conform. |
| Index Headings of Original Version |
Local Mandate - City, police, and fire legacy funds, insurance annuity payment. optional conversion to Firefighters and Fire Departments - Pensions, legacy funds, insurance annuity payments, optional conversion to Police, City and County - Pensions, legacy funds, insurance annuity payments, optional conversion to Retirement and Pensions - City, police, and fire legacy funds, insurance annuity payments, optional conversion to Cities - Pensions, legacy funds, insurance annuity payments, optional conversion to Cities, First Class - Pensions, legacy funds, insurance annuity payments, optional conversion to |
| Jump to Proposed Amendments | House Committee Substitute 1 with Fiscal Impact Statements |
| Votes | Vote History |
| 03/02/20 |
|
|---|---|
| 03/04/20 |
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| 03/11/20 |
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| 03/12/20 |
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| 03/17/20 |
|
| 03/18/20 |
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| 03/19/20 |
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| 03/26/20 |
|
| 04/14/20 |
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| 04/15/20 |
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| 04/24/20 |
|
| 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; amend KRS 61.637 to provide that a mayor or member of a city legislative body who is at least 62 years of age and eligible to retire from the County Employees Retirement System shall not be required to resign from his or her position as mayor or member of a city legislative body in order to begin drawing benefits from the system; provide that no additional benefits will be accumulated with any employer after the mayor's or city legislative body member's effective retirement date; amend KRS 95.022 to provide that retired police officers who, after retirement, are hired by the city for purposes of KRS 158.4414 shall not count against the limitations of the number of reemployed retirees hired by a city. |
| Index Headings |
Actuarial Analysis - Pensions, legacy funds, insurance annuity payments, optional conversion to Local Mandate - Pensions, legacy funds, insurance annuity payments, optional conversion to Firefighters and Fire Departments - Pensions, legacy funds, insurance annuity payments, optional conversion to Police, City and County - Pensions, legacy funds, insurance annuity payments, optional conversion to Police, City and County - Employment of retired officers, those hired under KRS 158.4414 do not count for KRS 95.022 cap Retirement and Pensions - City, police, and fire legacy funds, insurance annuity payments, optional conversion to Retirement and Pensions - CERS, mayors or city council members, retirement at age 62 or over Retirement and Pensions - Kentucky Retirement Systems, officers hired under KRS 158.4414 do not count for KRS 95.022 cap Cities - Pensions, legacy funds, insurance annuity payments, optional conversion to Cities - CERS, mayors or city council members, retirement at age 62 or over Cities - Employment of retired officers, those hired under KRS 158.4414 do not count for KRS 95.022 cap Cities, First Class - Pensions, legacy funds, insurance annuity payments, optional conversion to Public Officers and Employees - CERS, mayors or city council members, retirement at age 62 or over |
Last updated: 10/27/2020 12:10 PM (EDT)
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