Senate Bill 79

Actions | Amendments
Last Action 03/24/21: signed by Governor (Acts Ch. 111)
Title AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority plans.
Bill Documents Acts Chapter 111
Current/Final
Introduced
Bill Request Number 1162
Sponsor J. Higdon
Summary of Original Version Repeal, reenact, and amend KRS 18A.245 and repeal and reenact KRS 18A.262 to establish conflict of interest provisions for trustees of the Kentucky Public Employees' Deferred Compensation Authority; amend KRS 18A.230 and 18A.255 to define financial planning, further provide guidance on advice provided to participants, and authorize the promulgation of administrative regulations; amend KRS 18A.250 to clarify auto enrollment provisions and authorize the promulgation of administrative regulations for implementation.
Index Headings of Original Version Retirement and Pensions - Kentucky deferred compensation, financial planning
Retirement and Pensions - Kentucky deferred compensation, conflicts of interest, prohibition
State Agencies - Kentucky deferred compensation, financial planning
State Employees - Kentucky deferred compensation, financial planning
Jump to Proposed Amendments Senate Committee Substitute 1
Senate Floor Amendment 1
Votes Vote History

Actions

Top | Amendments
01/06/21
  • introduced in Senate
  • to Committee on Committees (S)
02/02/21
  • to State & Local Government (S)
02/24/21
  • reported favorably, 1st reading, to Calendar with Committee Substitute
  • floor amendment (1) filed to Committee Substitute
02/25/21
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Monday, March 1, 2021
03/01/21
  • 3rd reading, passed 35-0 with Committee Substitute and floor amendment (1)
03/02/21
  • received in House
  • to Committee on Committees (H)
03/11/21
  • taken from Committee on Committees (H)
  • 1st reading
  • returned to Committee on Committees (H)
  • to State Government (H)
  • posted in committee
03/12/21
  • reported favorably, 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Monday, March 15, 2021
03/15/21
  • 3rd reading, passed 96-0
  • received in Senate
  • enrolled, signed by President of the Senate
  • enrolled, signed by Speaker of the House
  • delivered to Governor
03/24/21
  • signed by Governor (Acts Ch. 111)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Summary Retain orginal provisions; amend KRS 18A.250 to auto enroll members of the General Assembly and justices and judges of the Kentucky courts in office on July 1, 2021, and thereafter, in the deferred compensation 401(k) plan; deduct $30 per month from the compensation of members, justices, and judges auto enrolled and contribute as a pre-tax deferral to the 401(k) plan, unless the enrollee opts out or changes the deferral; and exempt from auto enrollment members, justices, or judges who are already enrolled in the 401(k) plan and special judges.
Index Headings Judges and Court Commissioners - Kentucky deferred compensation, auto enrollment
Retirement and Pensions - Kentucky deferred compensation, financial planning
State Agencies - Kentucky deferred compensation, financial planning
State Employees - Kentucky deferred compensation, financial planning
General Assembly - Kentucky deferred compensation, financial planning

Amendment Senate Floor Amendment 1
Sponsor J. Higdon
Summary Make auto enrollment in deferred compensation plan applicable to only new legislators, justices, and judges elected or appointed on or after July 1, 2021.
Index Headings Judges and Court Commissioners - Kentucky deferred compensation, auto enrollment
Retirement and Pensions - Kentucky deferred compensation, auto enrollment of new legislators, justices, and judges
General Assembly - Kentucky deferred compensation, auto enrollment

Last updated: 11/9/2023 2:52 PM (EST)