Last Action | 03/24/21: signed by Governor (Acts Ch. 111) |
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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 |
01/06/21 |
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02/02/21 |
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02/24/21 |
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02/25/21 |
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03/01/21 |
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03/02/21 |
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03/11/21 |
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03/12/21 |
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03/15/21 |
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03/24/21 |
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Amendment | Senate Committee Substitute 1 |
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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 |
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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)