| Last Action | 02/21/23: to State Government (H) |
|---|---|
| Title | AN ACT relating to retirement plans covering legislators. |
| Bill Documents | Introduced |
| Fiscal Impact Statement | Actuarial Analysis |
| Bill Request Number | 435 |
| Sponsor | J. Tipton |
| Summary of Original Version | Create a new section of KRS Chapter 6.500 to 6.577 to close the Legislators' Retirement Plan (LRP) to new members effective July 1, 2023, and to provide that new legislators 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 members who entered the plan on or after January 1, 2014, and who are participating in the LRP 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; amend KRS 6.505 to provide that legislative changes that are enacted on or after July 1, 2023, for the Legislators' Retirement Plan shall not be part of the "inviolable contract" and to make conforming amendments; amend KRS 21.525 to provide that the Judicial Form Retirement System shall not request nor receive any funding for the 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 6.500, 6.525, 21.374, 21.402, and 61.680 to conform. |
| Index Headings of Original Version |
Actuarial Analysis - Legislators' Retirement Plan, close plan to new members, transfer cash balance members to KERS General Assembly - Legislators' Retirement Plan, close plan to new members, transfer cash balance members to KERS Public Officers and Employees - Legislators' Retirement Plan, close plan to new members, transfer cash balance members to KERS Retirement and Pensions - Legislators' Retirement Plan, close plan to new members, transfer cash balance members to KERS |
| 01/05/23 |
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| 02/21/23 |
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Last updated: 11/9/2023 3:03 PM (EST)