| Title | AN ACT relating to the Kentucky Employees Retirement System's employers, declaring an emergency, and making an appropriation therefor. |
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| Bill Documents | Original |
| Sponsors | J. DuPlessis |
| Summary of Original Version | Amend KRS 61.565 to change the Kentucky Employees Retirement System's (KERS) nonhazardous actuarially accrued liability contribution (unfunded liability payment) that is payable by employers on or after July 1, 2021, from a value that is paid as a percent of pay on each employee to a set dollar amount; provide that the set dollar amount 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; provide that a single amount shall be determined for state agencies in the legislative, executive, and judicial branch who participate in KERS; provide that a KERS employer may charge the cost as a percent of pay for purposes of collecting contributions but shall be responsible to provide the full set dollar amount owed; provide that if a KERS employer merges, splits, separates, or establishes a new agency, the systems shall have full authority to allocate the costs to any employer or entity that results from the split, separation, or establishment of a new agency; amend KRS 61.510 to modify the definition of “level percentage of payroll amortization method” to conform to the amendments in KRS 61.565; amend KRS 212.792 to specify the allocation of retirement costs as provided by the bill in the event an independent health district ceases to exist or has a county to withdraw from the district; provide that the Kentucky Retirement Systems shall amend the 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 |
| 12/10/20 | Prefiled by the sponsor(s). |
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Last updated: 1/4/2021 4:38 PM (EST)
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