Kentucky
General Assembly

Search

House Bill 506

Actions
Last Action 03/23/23: signed by Governor (Acts Ch. 71)
Title AN ACT relating to post-retirement options for state and local employees.
Bill Documents Acts Chapter 71
Current/Final
Introduced
Fiscal Impact Statement Actuarial Analysis
Bill Request Number 7
Sponsors W. Thomas, DJ Johnson
Summary of Original Version Amend KRS 61.635 to establish a partial lump sum option (PLSO), with and without survivor rights, as a payment option for retiring members of the Kentucky Employees Retirement System (KERS), County Employees Retirement System (CERS), or State Police Retirement System (SPRS); provide that the PLSO shall include a lump-sum payment of 12, 24, 36, 48, or 60 months of payments and a lifetime benefit that is actuarially reduced to reflect the lump-sum payment; require the systems to develop information to assist the member in evaluating the PLSO as a potential payment option; amend KRS 61.637 and 78.5540 to change the required break in employment before a KERS, CERS, or SPRS retiree may return to work with a participating employer from 1 or 3 months, depending upon the position, to 1 month; make technical changes; EFFECTIVE January 1, 2024.
Index Headings of Original Version Actuarial Analysis - Kentucky Public Pensions Authority, partial lump-sum option at retirement
Effective Dates, Delayed - Kentucky Public Pensions Authority, partial lump-sum option at retirement
Effective Dates, Delayed - Kentucky Public Pensions Authority, reemployment after retirement, 1-month break required
Local Government - County Employees Retirement System, partial lump-sum option at retirement
Local Government - County Employees Retirement System, reemployment after retirement, 1-month break in service required
Retirement and Pensions - Kentucky Public Pensions Authority, reemployment after retirement, 1-month break required
State Agencies - Kentucky Retirement Systems, partial lump-sum option at retirement
State Agencies - Kentucky Retirement Systems, reemployment after retirement, 1-month break required
State Employees - Kentucky Retirement Systems, partial lump-sum option at retirement
State Employees - Kentucky Retirement Systems, reemployment after retirement, 1-month break required
Counties - County Employees Retirement System, partial lump-sum option at retirement
Counties - County Employees Retirement System, reemployment after retirement, 1-month break in service required
Votes Vote History

Actions

Top
02/22/23
  • introduced in House
  • to Committee on Committees (H)
02/23/23
  • to State Government (H)
03/02/23
  • reported favorably, 1st reading, to Calendar
03/03/23
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Tuesday, March 07, 2023
03/07/23
  • 3rd reading, passed 98-0
03/08/23
  • received in Senate
  • to Committee on Committees (S)
03/10/23
  • to State & Local Government (S)
03/13/23
  • taken from State & Local Government (S)
  • 1st reading
  • returned to State & Local Government (S)
03/14/23
  • taken from State & Local Government (S)
  • 2nd reading
  • returned to State & Local Government (S)
03/15/23
  • reported favorably, to Rules as a consent bill
  • posted for passage in the Consent Orders of the Day for Wednesday, March 15, 2023
  • 3rd reading, passed 36 -0
  • received in House
03/16/23
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/23/23
  • signed by Governor (Acts Ch. 71)


Last updated: 11/9/2023 3:03 PM (EST)