| Title | AN ACT relating to retirement. |
|---|---|
| Bill Documents | Original |
| Sponsors | J. Tipton |
| Summary of Original Version | Create a new section of KRS Chapter 21.345 to 21.580 to close the Legislators' Retirement Plan (LRP) and Judicial Retirement Plan (JRP) to new members effective July 1, 2021, and to provide that new legislators and judges shall participate in the Kentucky Employees Retirement System (KERS) for the duration of their legislative service; clarify that legislators who are also teachers contributing to the Teachers' Retirement System (TRS) may continue to participate in TRS while serving as a member of the General Assembly; provide that LRP and JRP members who entered the plans on or after 1/1/2014 and who are participating in the cash balance plan shall have their account balance transferred to the KERS hybrid cash balance plan and shall prospectively participate in KERS for the duration of their legislative service; repeal, reenact, and amend KRS 6.505, 21.360, and 21.480 to provide that legislative changes that are enacted on or after July 1, 2021, for LRP and JRP shall not be part of the "inviolable contract" and to make conforming amendments; repeal, reenact, and amend KRS 6.520 to provide that the LRP benefit factor for the traditional defined benefit plan shall be lowered from 2.75% to 1.97% for service accrued on or after July 1, 2021; repeal, reenact, and amend KRS 6.525 to provide that non-legislative compensation earned in another state-administered retirement system or plan on or after July 1, 2021, shall not be used to calculate benefits in the Legislators' Retirement Plan; amend KRS 21.525 to provide that the Judicial Form Retirement System shall not request nor receive any funding for the Legislators' Retirement Plan (LRP), except for administrative expenses, until such time the LRP plan has an actuarial funding level equal to or less than the KERS nonhazardous pension fund; amend KRS 61.510 to provide that for any service to the General Assembly that is credited to the Kentucky Employees Retirement System, no compensation earned for other covered public employment shall be used to determine the portion of their benefit related to their service to the General Assembly; amend KRS 6.500 and repeal, reenact, and amend KRS 21.402 and 61.680 to conform and to restore/remove language due to a recent court ruling. |
| Index Headings |
General Assembly - Retirement, closure of LRP to new members, transfer requirement of cash balance members to KERS Judges and Court Commissioners - Retirement, closure of JRP to new members, transfer requirement of cash balance members to KERS Public Officers and Employees - Retirement, closure of LRP & JRP to new members, transfer requirement of cash balance members KERS Retirement and Pensions - Judicial Retirement Plan, closure to new members and transfer of cash balance plan members to KERS Retirement and Pensions - Legislators' Retirement Plan, closure to new members, transfer of cash balance plan members to KERS Retirement and Pensions - Legislators' Retirement Plan, limit salary reciprocity |
| 12/10/20 | Prefiled by the sponsor(s). |
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Last updated: 1/4/2021 4:38 PM (EST)
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