Senate Bill 214

Actions | Amendments
Last Action 03/17/21: signed by Governor (Acts Ch.28)
Title AN ACT relating to cessation of participation by Kentucky Employees Retirement System employers, making an appropriation therefor, and declaring an emergency.
Bill Documents Current/Final
Introduced
Fiscal Impact Statement Actuarial Analysis
Bill Request Number 1625
Sponsor C. McDaniel
Summary of Original Version Amend KRS 61.522 that is effective until April 1, 2021, and effective on or after April 1, 2021, so that Kentucky Employees Retirement System employers who are voluntarily ceasing participation in the system may make multiple lump-sum payments by the set due date and to receive interest credit for early payment; EMERGENCY.
Index Headings of Original Version Actuarial Analysis - Kentucky Retirement Systems, cessation of participation by KERS agency, lump-sum payment options
Public Officers and Employees - Retirement, cessation of participation by KERS agency, lump-sum payments
Retirement and Pensions - Kentucky Retirement Systems, cessation of participation by KERS agency, lump-sum payment options
State Agencies - Kentucky Retirement Systems, cessation of participation by KERS agency, lump-sum payment options
Jump to Proposed Amendments House Floor Amendment 1
House Floor Amendment 2
House Floor Amendment 3
Votes Vote History

Actions

Top | Amendments
02/09/21
  • introduced in Senate
  • to Committee on Committees (S)
02/10/21
  • to State & Local Government (S)
02/24/21
  • taken from State & Local Government (S)
  • 1st reading
  • returned to State & Local Government (S)
02/25/21
  • taken from State & Local Government (S)
  • 2nd reading
  • returned to State & Local Government (S)
03/01/21
  • reported favorably, to Rules as a consent bill
  • posted for passage in the Consent Orders of the Day for Tuesday, March 2, 2021
03/02/21
  • 3rd reading, passed 36-0
03/03/21
  • received in House
  • to Committee on Committees (H)
  • to State Government (H)
  • posted in committee
03/04/21
  • reported favorably, 1st reading, to Calendar
03/05/21
  • 2nd reading, to Rules
  • floor amendments (1) and (2-title) filed
03/11/21
  • posted for passage in the Regular Orders of the Day for Friday, March 12, 2021
  • floor amendment (3) filed
03/12/21
  • floor amendment (3) withdrawn
  • 3rd reading, passed 92-2 with floor amendments (1) and (2-title)
03/15/21
  • received in Senate
  • to Rules (S)
  • posted for passage for concurrence in House floor amendments (1) and (2-title) for Tuesday, March 16, 2021
03/16/21
  • Senate concurred in House floor amendments (1) and (2-title)
  • Bill passed 35-0
  • enrolled, signed by President of the Senate
  • enrolled, signed by Speaker of the House
  • delivered to Governor
03/17/21
  • signed by Governor (Acts Ch.28)

Proposed Amendments

Top | Actions
Amendment House Floor Amendment 1
Sponsor DJ Johnson
Summary Retain original provisions; add noncodified language authorizing Northern Kentucky University (NKU) to issue bonds in FY 2021 not exceeding $320 million for the costs of ceasing participation in the Kentucky Employees Retirement System (KERS), authorize the Kentucky Asset/Liability Commission to issue notes to finance NKU bonds, and provide that notes issued have maturity of up to 30 years; APPROPRIATION
Index Headings Appropriations - Northern Kentucky University, cessation of participation in KERS, issuance of bonds for
Retirement and Pensions - Kentucky Employees Retirement Systems, cesssation of particaption by NKU, issuance of bonds for

Amendment House Floor Amendment 2
Sponsor DJ Johnson
Summary Make title amendment.
Index Headings Title Amendments - SB 214/GA

Amendment House Floor Amendment 3
Sponsor J. Tipton
Summary Retain original provisions; amend KRS 61.522 to provide that the discount rate for universities who voluntary cease participating in KERS with the soft freeze option and pay by lump-sum shall be 4.5%.
Index Headings Retirement and Pensions - Retirement, set alternate discount rate for university employers ceasing participation in KERS
Universities and Colleges - Retirement, set alternate discount rate for university employers ceasing participation in KERS

Last updated: 4/14/2021 8:30 AM (EDT)
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