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Senate Bill 32

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Last Action 03/30/22: signed by Governor (Acts Ch. 55)
Title AN ACT relating to the Judicial Form Retirement System.
Bill Documents Acts Chapter 55
Current/Final
Introduced
Fiscal Impact Statement Actuarial Analysis
Bill Request Number 862
Sponsor J. Higdon
Summary of Original Version Amend KRS 21.525 to define the funding components for the retirement plans administered by the Judicial Form Retirement System as the "normal cost contribution" and the "actuarially accrued liability contribution;" establish the actuarial methods to be used to compute the normal cost contribution and the actuarially accrued liability (AAL) contribution; require the total unfunded AAL be amortized over a closed 20-year period beginning with the 2023 actuarial valuation; require any increase or decrease in the unfunded AAL occurring after completion of the 2023 actuarial valuation be amortized over a closed 20-year period beginning in the year the increase or decrease is recognized; establish the circumstances that may result in an increase or decrease to the unfunded AAL; provide that if an annual valuation determines that the plan has surplus assets, the prior bases under which the unfunded AAL increases were established be eliminated, and one base equal to the surplus assets be established and amortized under an open 20-year period; amend KRS 21.540 to require that the authorization for all administrative expenses of the JFRS be included in the biennial budget unit request, branch budget recommendation, and the financial plan adopted by the General Assembly; repeal, reenact, and amend KRS 6.505, 6.518, 6.520, 6.525, 21.360, 21.385, 21.402, and 21.480 to remove language that was voided due to a court ruling and to restore prior statute language and to make technical changes.
Index Headings of Original Version Actuarial Analysis - Judicial Form Retirement System, actuarial funding policy
General Assembly - Legislators' Retirement Plan, JFRS, changes
Judges and Court Commissioners - Judicial Retirement Plan, JFRS, changes
Retirement and Pensions - Judicial Form Retirement System, actuarial funding policy
Retirement and Pensions - Judicial Form Retirement System, changes
Votes Vote History

Actions

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01/04/22
  • introduced in Senate
  • to Committee on Committees (S)
01/06/22
  • to State & Local Government (S)
01/26/22
  • reported favorably, 1st reading, to Calendar
01/27/22
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Tuesday, February 01, 2022
02/01/22
  • 3rd reading, passed 36-0
02/02/22
  • received in House
  • to Committee on Committees (H)
03/16/22
  • to State Government (H)
03/17/22
  • reported favorably, 1st reading, to Calendar
03/18/22
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Monday, March 21, 2022
03/24/22
  • 3rd reading, passed 95-0
03/25/22
  • received in Senate
  • enrolled, signed by President of the Senate
  • enrolled, signed by Speaker of the House
  • delivered to Governor
03/30/22
  • signed by Governor (Acts Ch. 55)


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