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House Bill 76

Actions | Amendments
Last Action 04/08/22: signed by Governor (Acts Ch. 165)
Title AN ACT relating to retirement.
Bill Documents Acts Chapter 165
Current/Final
Introduced
Fiscal Impact Statements Actuarial Analysis
Additional Fiscal Impact Statements Exist
Bill Request Number 341
Sponsors J. Miller, C. Massey
Summary of Original Version Amend KRS 21.440, 61.670, 78.784, and 161.400 to require the Legislators' Retirement Plan, the Judicial Retirement Plan, the Kentucky Retirement Systems, the County Employees Retirement System, and the Teachers' Retirement System to perform an actuarial investigation of economic assumptions once every two years rather than once every five years while retaining a review of demographic assumptions once every five years; amend KRS 78.784 to require the County Employees Retirement System to provide a projection/analysis over a 30-year period rather than a 20-year period regarding projections in the annual actuarial valuation and as it relates to experience studies, assumption changes, and other changes made by the boards of each system; require the first actuarial investigation of economic assumptions to occur prior to 2023 actuarial valuations.
Index Headings of Original Version Actuarial Analysis - State administered retirement systems, economic assumptions, investigation, biennial
Public Officers and Employees - State administered retirement systems, economic assumptions, investigation, biennial
Retirement and Pensions - Kentucky Public Pensions Authority, investigation of economic assumptions every two years
Retirement and Pensions - Teachers' Retirement System, investigation of economic assumptions every two years
State Agencies - Kentucky Public Pensions Authority, investigation of economic assumptions every two years
State Agencies - Teachers' Retirement System, investigation of economic assumptions every two years
Jump to Proposed Amendments Senate Committee Substitute 1 with Fiscal Impact Statements
Senate Committee Amendment 1
Votes Vote History

Actions

Top | Amendments
10/20/21
  • Prefiled by the sponsor(s).
01/04/22
  • introduced in House
  • to Committee on Committees (H)
01/12/22
  • to State Government (H)
01/13/22
  • reported favorably, 1st reading, to Calendar
01/18/22
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Wednesday, January 19, 2022
01/19/22
  • 3rd reading, passed 97-0
  • received in Senate
  • to Committee on Committees (S)
01/21/22
  • to State & Local Government (S)
03/16/22
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1) and Committee Amendment (1-title)
03/17/22
  • 2nd reading, to Rules as a consent bill
03/21/22
  • posted for passage in the Consent Orders of the Day for Wednesday, March 23, 2022
03/23/22
  • passed over and retained in the Consent Orders of the Day
03/24/22
  • passed over and retained in the Consent Orders of the Day
03/25/22
  • 3rd reading, passed 34-0 with Committee Substitute (1) and Committee Amendment (1-title)
  • received in House
  • to Rules (H)
03/29/22
  • posted for passage for concurrence in Senate Committee Substitute (1) and Committee Amendment (1-title)
03/30/22
  • House concurred in Senate Committee Substitute (1) and committee amendment (1-title)
  • passed 92-1
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
04/08/22
  • signed by Governor (Acts Ch. 165)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Fiscal Impact Statement Actuarial Analysis to Senate Committee Substitute 1
Summary Retain original provisions; amend KRS 61.552 to provide that restrictions on the use of purchased service towards retirement eligibility and benefit determination that became effective August 1, 2004, shall not apply to those members who were bound by an educational contract as conditional employees of the state of Kentucky prior to December 31, 2003; amend KRS 61.510 to amend "membership date" to specify that members who were bound by an educational contract as conditional employees of the state of Kentucky prior to December 31, 2003, shall have a membership date based upon the earliest date in the contract.
Index Headings Public Officers and Employees - State administered retirement systems, economic assumptions, investigation, biennial
Retirement and Pensions - Kentucky Employees Retirement System, educational contracts, membership date
Retirement and Pensions - Kentucky Public Pensions Authority, investigation of economic assumptions every two years
Retirement and Pensions - Teachers' Retirement System, investigation of economic assumptions every two years
State Agencies - Kentucky Public Pensions Authority, investigation of economic assumptions every two years
State Agencies - Teachers' Retirement System, investigation of economic assumptions every two years
Actuarial Analysis - State administered retirement systems, economic assumptions, investigation, biennial

Amendment Senate Committee Amendment 1
Sponsor C. McDaniel
Summary Make title amendment.
Index Headings Title Amendments - HB 76/GA

Last updated: 2/8/2023 2:57 PM (EST)