House Bill 87

Actions | Amendments
Last Action 03/24/21: signed by Governor (Acts Ch. 96)
Title AN ACT relating to the state-administered retirement systems.
Bill Documents Current/Final
Introduced
Fiscal Impact Statements Actuarial Analysis
Additional Fiscal Impact Statements Exist
Bill Request Number 14
Sponsors J. Decker, J. Miller
Summary of Original Version Amend KRS 16.578 and 61.640 to apply the alternate death benefit calculation options as written prior to 2009 legislation for deaths occurring prior to retirement; amend KRS 61.540 to remove requirement that the employer and member must file a statement of facts before benefit payments can commence; amend KRS 61.598 to provide that the ten percent cap on creditable compensation growth during a member's last five years of employment shall not apply to situations where the growth in excess of ten percent during the entire five-year period results in a benefit change of less than $25 per month; provide that the implementation date of the amendments to 2017 Ky. Acts ch. 32, sec. 9(28) by the Kentucky Retirement Systems shall be December 1, 2019; provide that the amendments to KRS 16.578 and 61.640 are retroactive to JUNE 25, 2009.
Index Headings of Original Version Public Officers and Employees - Kentucky Retirement Systems, housekeeping legislation
Retirement and Pensions - Kentucky Retirement Systems, housekeeping legislation
State Agencies - Kentucky Retirement Systems, housekeeping legislation
Actuarial Analysis - Kentucky Retirement Systems, housekeeping legislation
Jump to Proposed Amendments House Committee Substitute 1 with Fiscal Impact Statements
House Committee Amendment 1
Votes Vote History

Actions

Top | Amendments
11/13/20
  • Prefiled by the sponsor(s).
01/05/21
  • introduced in House
  • to Committee on Committees (H)
02/04/21
  • to State Government (H)
  • posted in committee
02/11/21
  • reported favorably, 1st reading, to Calendar with Committee Substitute and committee amendment (1-title)
02/22/21
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Tuesday, February 23, 2021
02/25/21
  • 3rd reading, passed 94-0 with Committee Substitute and committee amendment (1-title)
02/26/21
  • received in Senate
  • to Committee on Committees (S)
03/01/21
  • to State & Local Government (S)
03/03/21
  • reported favorably, 1st reading, to Consent Calendar
03/04/21
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Friday, March 5, 2021
03/05/21
  • passed over and retained in the Consent Orders of the Day
03/11/21
  • 3rd reading, passed 35-0
  • received in House
03/12/21
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/24/21
  • signed by Governor (Acts Ch. 96)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Fiscal Impact Statement Actuarial Analysis to House Committee Substitute 1
Summary Amend KRS 16.578 and 61.640 to apply the alternate death benefit calculation options as written prior to 2009 legislation for deaths occurring prior to retirement; amend KRS 61.540 to remove requirement that the employer and member must file a statement of facts before benefit payments can commence; amend KRS 61.542 to allow a retiree to elect to change his or her beneficiary at any time, if the retiree has selected upon retirement a basic monthly annuity payment as defined in the subsection, a period certain payment option under KRS 61.635(5) to (7), or the Social Security adjustment option without survivorship rights under KRS 61.635(8)(a); require a retiree to file a beneficiary change form prescribed by the Kentucky Retirement Systems with the retirement office; provide that a retiree may change his or her actual monthly payment option only upon marriage or remarriage and only if he or she files a beneficiary change form within 120 days of marriage or remarriage designating the new spouse as beneficiary and selecting a survivorship payment option under KRS 61.635(2) to (4) and (8)(b), with the resulting payments being actuarially equivalent to the retirement allowance provided at the date of the original retirement; amend KRS 61.545 to provide that if a member is working in a regular full-time hazardous duty position that participates in the Kentucky Employees Retirement System or the County Employees Retirement System and is simultaneously employed in a nonhazardous position that is not considered regular full-time with a different participating employer, the member may elect within 30 days of taking employment to not participate in the system for his or her employment in the nonhazardous position; amend KRS 61.590 to make conforming and technical amendments; amend KRS 61.598 to provide that the ten percent cap on creditable compensation growth during a member's last five years of employment shall not apply to situations where the growth in excess of ten percent during the entire five-year period results in a benefit change of less than $25 per month; amend KRS 61.615, and 61.630 to make conforming and technical amendments; amend KRS 61.680 to make a conforming amendment; amend KRS 161.520 to provide that a surviving spouse's benefits may continue upon remarriage; provide that the amendments to KRS 16.578 and 61.640 are retroactive to JUNE 25, 2009; provide that members who retired prior to the effective date of the Act, who were married or remarried prior to the effective date of the Act and remain married or remarried to the same spouse, shall have 120 days from the effective date of the Act to select a survivorship option for their spouse under the Act; specify that the amendment to KRS 61.545 of the Act shall only apply to prospective nonhazardous employment occurring on or after the effective date of the Act; provide that the implementation date of the amendments to 2017 Ky. Acts ch. 32, sec. 9(28) by the Kentucky Retirement Systems shall be December 1, 2019.
Index Headings Counties - Retirement, post-retirement change of beneficiary and survivorship option
Actuarial Analysis - Kentucky Retirement Systems, housekeeping legislation
Public Officers and Employees - Kentucky Retirement Systems, housekeeping legislation
Public Officers and Employees - Retirement, impact of part-time nonhazardous employment on full-time hazardous member's retirement
Retirement and Pensions - Impact of part-time nonhazardous employment on full-time hazardous member's retirement
Retirement and Pensions - Kentucky Retirement Systems, housekeeping legislation
Retirement and Pensions - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option
Retirement and Pensions - TRS, survivorship benefit to widow or widower to continue after remarriage
State Agencies - Kentucky Retirement Systems, housekeeping legislation
State Agencies - Kentucky Retirement Systems, part-time nonhazardous employment, full-time hazardous members
State Agencies - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option
State Employees - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option
Teachers - TRS, survivorship benefit to widow or widower to continue after remarriage

Amendment House Committee Amendment 1
Sponsor J. Miller
Summary Make title amendment.
Index Headings Title Amendments - HB 87

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