Last Action | 03/17/21: signed by Governor (Acts Ch.28) |
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Title | AN ACT relating to cessation of participation by Kentucky Employees Retirement System employers, making an appropriation therefor, and declaring an emergency. |
Bill Documents |
Acts Chapter 28
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 |
02/09/21 |
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02/10/21 |
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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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03/03/21 |
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03/04/21 |
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03/05/21 |
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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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03/16/21 |
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03/17/21 |
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Amendment | House Floor Amendment 1 |
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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 |
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Sponsor | DJ Johnson |
Summary | Make title amendment. |
Index Headings | Title Amendments - SB 214/GA |
Amendment | House Floor Amendment 3 |
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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: 11/9/2023 2:52 PM (EST)