| Title | AN ACT relating to the Teachers' Retirement System. |
|---|---|
| Bill Documents | Original |
| Sponsors | J. Miller |
| Summary of Original Version | Create a new section of KRS 161.220 to 161.716 to permit the Teachers' Retirement System (TRS) to use and accept electronic signatures as deemed appropriate; amend KRS 161.220 to add anti-salary spiking measures to the definition of “final average salary" and provide noncodified language detailing that change shall not increase benefits or increase liability to the system; amend KRS 161.290 to require all public employers to grant paid leave to teacher trustees serving on the TRS board; amend KRS 161.310 to specify the types of remuneration included in retirement incentives, require that costs billed to employers for retirement incentives not be an obligation of the state, and specify that retirement incentives shall not increase final average salary or annual compensation; amend KRS 161.340 to add insurance to the items for which TRS may contract, delete the requirement for the procurement of fiduciary bonds for board trustees and the executive secretary, and authorize the board to expend funds as necessary for indemnification and self-insurance; amend 161.470 to specify when a member who leaves service prior to retirement is eligible for a refund and to make technical amendments; amend KRS 161.480 to automatically designate a TRS member's spouse as beneficiary for an active member's account balance upon employment until changed by the member and declare the member's spouse as beneficiary of the active member's account balance if all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.500 to specifically address service credit for contracts exceeding 185 days; amend KRS 161.515 to reference new retirement factors for out-of-state service purchases; amend KRS 161.540 to specify eligibility requirements for including annual leave credit in the retirement calculation for calendar-year contracts; amend KRS 161.545 to provide that full-time sabbatical leave by university staff participating in the TRS shall be deemed full-time employment for retirement purposes and require employee and employer contributions to be paid during the period of sabbatical leave; amend KRS 161.553 to adjust the cost schedules of providing statutory benefit improvements for annuitants; amend KRS 161.560 to adjust the methods by which participating employers file contribution data and set penalties for noncompliance; amend KRS 161.597 to require a refund of prior installment payments and a reduction in service credit for a member in default on installment payments; amend KRS 161.605 to provide that breaks in service are required before returning to work for the employer even if in a position not covered by TRS, begin running of breaks in service from date of retirement, prohibit prearranged agreements between a retiring member and employer for a member to return to work after retirement and require certification thereof, and require retired members returning to work for state-supported universities and community colleges to comply with the separation-from-service requirements; amend KRS 161.612 to reduce the $500 minimum monthly disability benefit dollar-for-dollar by benefit payments from all state-administered retirement systems for part-time employees and substitute teachers participating in TRS who apply for disability benefits on or after July 1, 2021, and specify that part-time employees and substitute teachers are not eligible to apply for a disability retirement allowance if they are eligible for an unreduced retirement benefit; amend KRS 161.614 to include mediation awards as a method that may be binding for the adjustment of a member’s account; amend KRS 161.620 to specify that partial years qualify a member for 3% retirement factor in excess of 30 years as authorized by the TRS board; amend KRS 161.643 to authorize TRS to require more frequent submission of reports and other data by participating employers who employ retired members of the system; amend KRS 161.630 to distinguish that a member may cancel "indefinitely" continuing spousal benefits upon divorce, annulment or marriage by exercising the pop-up option; amend KRS 161.650 to automatically designate a TRS member's spouse as beneficiary for a retired member's remaining account balance at the time of death unless changed by the member and declare the member's spouse as beneficiary of the retired member's remaining account balance if all named beneficiaries predecease the retired member or the member fails to name a beneficiary for the account balance; amend KRS 161.655 to automatically designate a TRS member's spouse as beneficiary for the life insurance benefit available to active and retired members unless changed by the member, and to declare the member's spouse as beneficiary of the life insurance benefit available to active and retired members if, upon the death of the member, all named beneficiaries predecease the member or the member fails to name a beneficiary; amend KRS 161.661 to provide that members who begin participating on or after July 1, 2021, shall not be eligible for a disability benefit if they are eligible for any unreduced benefit and that they shall have their $500 minimum monthly disability benefit reduced dollar-for-dollar by benefit payments from all state-administered retirement systems; and amend KRS 161.680 to detail the system's authority to collect overpayments. |
| Index Headings |
Public Officers and Employees - Teachers, retirement systems housekeeping bill Retirement and Pensions - Teachers' Retirement System, disability retirement Retirement and Pensions - Teachers' Retirement System, electronic signatures Retirement and Pensions - Teachers' Retirement System, housekeeping bill Retirement and Pensions - Teachers' Retirement System, post-retirement return-to-work requirements Teachers - Retirement System, disability retirement Teachers - Retirement System, electronic signatures Teachers - Retirement System, post-retirement return-to-work requirements Teachers - Teachers' Retirement System, housekeeping bill |
| 12/09/20 | Prefiled by the sponsor(s). |
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Last updated: 1/4/2021 4:38 PM (EST)
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