BillCam

Retirement And Pensions

Number	Legislature	Summary	Subjects
SR-270	State (Kentucky)	Confirm the reappointment of Matthew Louis Monteiro to the board of trustees of the Kentucky Retirement Systems for a term expiring June 17, 2023. Republican: 100% (1) 100% Republican support	Retirement And Pensions Confirmation Of Appointments
SB-260	State (Kentucky)	Amend KRS 61.526 to make language gender-neutral. Republican: 100% (1) 100% Republican support	Retirement And Pensions State Agencies Technical Corrections
SB-254	State (Kentucky)	Create a new section to close the Legislators' Retirement Plan and Judicial Retirement Plan to new members effective August 1, 2020; amend KRS 6.500, 6.505, 21.350, 21.360, and 61.680 to conform. Republican: 100% (1) 100% Republican support	General Assembly Public Officers And Employees Retirement And Pensions Actuarial Analysis
SR-234	State (Kentucky)	Confirm the appointment of Joseph L. Grossman to the board of trustees of the Kentucky Retirement Systems for a term expiring June 17, 2022. Republican: 100% (1) 100% Republican support	Retirement And Pensions Confirmation Of Appointments
SB-249	State (Kentucky)	Amend KRS 61.565 to reset amortization period to a new 30-year period effective with the 2019 valuation; establish layered amortization method by requiring any increase or decrease in actuarially accrued liability after the 2019 valuation to be amortized over separate 20-year closed periods beginning with the valuation in which the increase or decrease is first recognized; amend KRS 61.510 to remove the definition of "level dollar amortization method" and define "level percentage of payroll amortization method"; provide that Kentucky Retirement Systems shall amend the 2019 actuarial valuation in accordance with the amendments to KRS 61.565 in this Act and provide updated employer contributions to the Governor and General Assembly; provide that CERS employer rate phase in is paused for one year period; EMERGENCY. Republican: 100% (1) 100% Republican support	Effective Dates, Emergency Local Government Retirement And Pensions State Employees Actuarial Analysis Local Mandate
SR-236	State (Kentucky)	Confirm the appointment of Caswell Prewitt Lane to the board of trustees of the Kentucky Retirement Systems for a term expiring June 17, 2023. Republican: 100% (1) 100% Republican support	Retirement And Pensions Confirmation Of Appointments
SR-237	State (Kentucky)	Confirm the appointment of John Carroll Cheshire III to the board of trustees of the Kentucky Retirement Systems for a term expiring June 17, 2023. Republican: 100% (1) 100% Republican support	Retirement And Pensions Confirmation Of Appointments
SB-239	State (Kentucky)	Amend KRS 90.400 and 90.410 to permit the board of trustees of a legacy city pension fund having fewer than twelve active and retired members or beneficiaries to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend 95.290 to permit the board of trustees of a legacy policemen's pension fund or firefighters' pension fund in a city of the first class having fewer than twelve active and retired members or beneficiaries to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend KRS 95.530, 95.622, 95.767, and 95.869, to permit the board of trustees of a local legacy policemen's and firefighters' pension fund having fewer than twelve active and retired members or beneficiaries, to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend KRS 95.620 to conform. Republican: 100% (1) 100% Republican support	Local Mandate Firefighters And Fire Departments Police, City And County Retirement And Pensions Cities Cities, First Class
HB-576	State (Kentucky)	Create new sections of KRS 161.220 to 161.716 to specify that new nonuniversity members of the Teachers' Retirement System (TRS) on or after January 1, 2021, shall receive a foundational benefit component, which shall be a traditional defined benefit plan, a supplemental benefit component which shall be a plan based upon the member's account balance, and retiree health benefits; provide that the cost of the foundational benefit for these new members shall be accessed annually in the actuarial valuation; provide that if the funding level of the foundational benefit component for new nonuniversity members falls below 90 percent, the TRS board shall make one or more changes to keep employer costs within the statutory fixed rate of eight percent for the foundational benefit component, including utilizing moneys in the stabilization reserve account from any excess contributions above costs of the new plan components for new nonuniversity members, utilizing prospective mandatory employee and employer contributions from the supplemental benefit component, or adjusting the regular interest rate, benefit factor, age and service requirements to retire, or COLAs for new nonuniversity members only; establish the supplemental benefit component for new nonuniversity members who enter TRS on or after January 1, 2021, that pays benefits based upon mandatory employee and employer contributions of two percent of pay, voluntary employee and employer contributions, and interest on the accounts; provide for vesting of employer contributions after five years; provide that a new nonuniversity member may take a refund, distribution, or annuitize their account balance into a monthly payment based upon assumptions established by the TRS board; amend KRS 161.155 to provide that new nonuniversity TRS members on or after January 1, 2021, shall not have any lump-sum sick leave payments added to their foundational benefit component calculation, but may have the payment deposited into the supplemental benefit component; repeal, reenact, and amend KRS 161.220 to establish definitions for the new foundational benefit component and supplemental benefit component for new nonuniversity employees and make technical amendments to conform to a recent court decision; provide that individuals who become nonuniversity members on or after January 1, 2021, shall have a final average salary based upon their highest eight years if retiring under age 65 and the highest five years if retiring at age 65 or older; repeal, reenact, and amend KRS 161.540 to specify that new nonuniversity TRS members on or after January 1, 2021, shall contribute 14.75 percent of pay with 9 percent going to fund the foundational benefit component, 2 percent to fund the supplemental benefit component, and 3.75 percent to fund retiree health benefits; repeal, reenact, and amend KRS 161.550 to specify that the maximum employer contribution rate for new nonuniversity members on or after January 1, 2021, shall be 11.75 percent with eight percent going to fund the foundational benefit component, two percent to fund the supplemental benefit component, and 0.75 percent to fund retiree health benefits; repeal, reenact, and amend KRS 161.600 to provide that new nonuniversity members on or after January 1, 2021, shall be eligible to retire upon attaining age 65 with five years of service or age 60 with ten years of service; repeal, reenact, and amend KRS 161.620 to provide that new nonuniversity TRS members shall receive a benefit factor of 1.50 percent up to 2.4 percent based upon the member's age and years of service; amend KRS 161.675 to provide that new nonuniversity members shall not be eligible for retiree health benefits until reaching age 60; amend KRS 161.605 to provide that TRS retirees who retire on or after January 1, 2021 shall not be eligible to earn a second retirement account upon reemployment; repeal, reenact, and amend or repeal and reenact or amend KRS 61.400, 161.420, 161.470, 161.480, 161.500, 161.507, 161.515, 161.520, 161.522, 161.525, 161.545, 161.5465, 161.547, 161.548, 161.549, 161.568, 161.580, 161.585, 161.590, 161.595, 161.605, 161.612, 161.615, 161.623, 161.630, 161.655, 161.661, 161.650, 161.700, and 161.714 to make technical and conforming amendments and to conform to a recent court decision. Republican: 100% (1) 100% Republican support	Retirement And Pensions State Agencies Teachers
HB-613	State (Kentucky)	Create new sections of KRS 161.220 to 161.716 to specify that new university members of the Teachers' Retirement System (TRS) on or after January 1, 2021, shall receive a foundational benefit component, which shall be a traditional defined benefit plan, a supplemental benefit component which shall be a plan based upon the member's account balance, and retiree health benefits; provide that the cost of the foundational benefit for these new members shall be accessed annually in the actuarial valuation; provide that if the funding level of the foundational benefit component for new university members falls below 90 percent, the TRS board shall make one or more changes to keep employer costs within the statutory fixed rate of 5.775 percent for the foundational benefit component including utilizing: moneys in the stabilization reserve account from any excess contributions above costs of the new plan components for new university members, utilizing prospective mandatory employee and employer contributions from the supplemental benefit component, or adjusting the regular interest rate, benefit factor, age and service requirements to retire, or COLAs for new university members only; establish the supplemental benefit component for new university members who enter TRS on or after January 1, 2021, that pays benefits based upon mandatory employee and employer contributions of percent of pay, voluntary employee and employer contributions, and interest on the accounts; provide for vesting of employer contributions after five years; provide that a new university member may take a refund, distribution, or annuitize their account balance into a monthly payment based upon assumptions established by the TRS board; repeal, reenact, and amend KRS 161.220 to establish definitions for the new foundational benefit component and supplemental benefit component for new university employees and make technical amendments to conform to a recent court decision; specify that the high-3 final average salary provisions shall not apply to new university members who enter the system on or after January 1, 2021; repeal, reenact, and amend KRS 161.540 to specify that new university TRS members on or after January 1, 2021, shall contribute 9.775 percent of pay with 5 percent going to fund the foundational benefit component, two percent to fund the supplemental benefit component, and 2.775 percent to fund retiree health benefits; repeal, reenact, and amend KRS 161.550 to specify that the maximum employer contribution rate for new university members on or after January 1, 2021, shall be 9.775 percent with 5.775 percent going to fund the foundational benefit component, two percent to fund the supplemental benefit component, and two percent to fund retiree health benefits; conform to a recent court decision; repeal, reenact, and amend KRS 161.600 to provide that new university members on or after January 1, 2021, shall be eligible to retire upon attaining age 65 with five years of service or age 55 with ten years of service; repeal, reenact, and amend KRS 161.620 to provide that new university TRS members shall receive a benefit factor of 0.85 percent up to 1.5 percent based upon the member's age and years of service; increase the life insurance benefit for new university members on or after January 1, 2021, from $2,000 and $5,000 for active and retired respectively to $5,000 and $10,000 respectively; amend KRS 161.675 to provide that new university members shall not be eligible for retiree health benefits until reaching age 60; repeal, reenact, and amend or repeal and reenact or amend KRS 61.400, 161.420, 161.470, 161.480, 161.500, 161.507, 161.515, 161.520, 161.522, 161.525, 161.545, 161.5465, 161.547, 161.548, 161.549, 161.568, 161.580, 161.585, 161.590, 161.595, 161.605, 161.612, 161.615, 161.623, 161.630, 161.661, 161.650, 161.700, and 161.714 to make technical and conforming amendments and to conform to a recent court decision. Republican: 100% (2) 100% Republican support	Retirement And Pensions State Agencies Teachers Actuarial Analysis
HB-558	State (Kentucky)	Amend KRS 61.595 and 61.559 to provide that vested Tier I and Tier II employees of an employer who, has ceased participation in the Kentucky Employees Retirement System (KERS) who based upon the employer's choice are no longer eligible to participate in KERS and are required to participate in an alternative retirement plan following the agency's cessation date, can use service credit earned in an alternative retirement to plan determine eligibility for retirement benefits from KERS, but not the amount of benefits, and for purposes of reducing early retirement penalties in the system. Republican: 100% (1) 100% Republican support	Retirement And Pensions State Agencies State Employees Actuarial Analysis
HB-645	State (Kentucky)	Amend KRS 61.645 to make language gender-neutral. Republican: 100% (1) 100% Republican support	Retirement And Pensions Technical Corrections Ethics
HB-644	State (Kentucky)	Create a new section of KRS Chapter 21 to provide that any current or former judge or justice with an account in the Judicial Retirement Plan, who is convicted of or enters into a plea agreement to avoid conviction of a felony or misdemeanor relating to his or her duties or for engaging in sex with a minor, including rape, sodomy, sexual abuse, and sexual misconduct, shall cease membership in the Judicial Retirement Plan and forfeit all rights and benefits earned in the Judicial Retirement Plan, except for return of his or her individual contributions and any interest; amend KRS 6.696 to provide that any current or former legislator convicted of a felony or misdemeanor or entering a plea agreement to avoid conviction of a felony or misdemeanor for engaging in sex with a minor, including rape, sodomy, sexual abuse, and sexual misconduct, shall forfeit all rights and benefits under the state-administered plan to which the legislator has made contributions for his or her service, except for return of his or her individual contributions and any interest; amend KRS 16.652, 61.535, and 78.852 to provide that any member of the retirement systems administered by the Kentucky Retirement Systems who is convicted of or enters into a plea agreement to avoid conviction of a felony or misdemeanor for engaging in sex with a minor, including rape, sodomy, sexual abuse, and sexual misconduct, shall cease membership in the retirement system to which the member has made contributions and forfeit all rights and benefits earned in that system, except for return of his or her individual contributions and any interest; amend KRS 161.700 to provide that any member of the Teachers' Retirement System who is convicted of or enters into a plea agreement to avoid conviction of a felony or misdemeanor for engaging in sex with a minor, including rape, sodomy, sexual abuse, and sexual misconduct, shall cease membership in the Teachers' Retirement System and forfeit all rights and benefits earned in that system, except for return of his or her individual contributions and any interest; amend KRS 6.505, 21.360, 21.470, 21.480, 61.692, 161.700, and 161.714 to conform; and specify in noncodified language that this Act shall only apply to felonies, misdemeanors, and plea agreements entered into on or after the effective date of this Act. Republican: 100% (4) 100% Republican support	Crimes And Punishments General Assembly Judges And Court Commissioners Public Officers And Employees Retirement And Pensions Teachers Actuarial Analysis
HB-592	State (Kentucky)	Amend KRS 61.522 to move the one-time window where quasi-governmental agencies may voluntarily cease participation in the Kentucky Employees Retirement System (KERS) ahead one year from June 30, 2020, to June 30, 2021, and to move all other corresponding timelines for the window ahead one year. Democrat: 100% (1) 100% Democrat support	Actuarial Analysis Local Mandate Retirement And Pensions State Agencies State Employees
SB-226	State (Kentucky)	Amend KRS 95.022 to provide that retired police officers who after retirement are hired by the city for purposes of KRS 158.4414 shall not count against the limitations of the number of reemployed retirees hired by a city. Republican: 100% (2) 100% Republican support	Police, City And County Retirement And Pensions Cities Actuarial Analysis Local Mandate
HB-500	State (Kentucky)	Amend KRS 61.637 to provide that local school districts shall not be required to reimburse Kentucky Retirement Systems for retiree health care premiums for reemployed retirees regardless of the number of days worked. Republican: 100% (1) 100% Republican support	Actuarial Analysis Education, Elementary And Secondary Retirement And Pensions State Agencies
SB-219	State (Kentucky)	Amend KRS 21.540, 61.645, and 161.250 to require the state-administered retirement systems to publicly disclose by asset class, instead of at the manager level, the dollar value of all fees and commissions paid to managers and partnerships, including but not limited to profit sharing, carried interest, and any other partnership incentive arrangements; require that, in addition to contracts and offering documents, all renewals or modifications of those contracts for services, goods, or property be made publicly available if purchased or utilized by the retirement system for fiscal years beginning on or after July 1, 2017; require that information withheld from public disclosure under existing statutory exemptions be redacted under a process approved by the retirement board. Republican: 100% (1) 100% Republican support	Public Officers And Employees Public Records And Reports Retirement And Pensions State Agencies
SB-216	State (Kentucky)	Amends KRS 61.637 to allow a part-time adjunct instructor for the Kentucky Fire Commission, who has not participated in the Kentucky Employees Retirement Systems prior to retirement, but is eligible to retire from the County Employees Retirement System, to retire and draw benefits without being required to resign from his or her position as part-time adjunct instructor for the Kentucky Fire Commission. Republican: 100% (2) 100% Republican support	Actuarial Analysis Firefighters And Fire Departments Public Officers And Employees Retirement And Pensions
HB-484	State (Kentucky)	Create a new section of KRS 61.510 to 61.705 to specify contents/intent of bill which includes transferring the administration of the County Employees Retirement System (CERS) from the Kentucky Retirement Systems (KRS) Board of Trustees to the CERS board of trustees established by the Act; provide that the administration of the Kentucky Employees Retirement System (KERS) and the State Police Retirement System (SPRS) shall continue to be the responsibility of the KRS Board of Trustees; provide that the Kentucky Public Pensions Authority (KPPA) established by the Act shall provide personnel needs, day-to-day administrative duties, and other duties for the KRS Board of Trustees and the CERS Board of Trustees; and to provide that it is the intent of the General Assembly in the 2021 Regular Session to enact legislation to create separate statutory benefit structures for KRS and CERS while retaining shared statutes that relate to administrative provisions that will be the responsibility of the KPPA; create a new section of KRS Chapter 61 to establish the KPPA membership, duties, and powers; provide that membership shall include 4 KRS board members, 4 CERS board members; provide that effective April 1, 2021, KRS staff shall become the staff of the KPPA to serve the needs of both the KRS and CERS boards; provide that effective July 1, 2021, staff of the KPPA shall be transferred into a personnel system administered by the KPPA; provide that the KPPA shall not be subject to reorganization by the Governor; create a new section of KRS 78.510 to 78.852 to establish CERS Board composition with powers/duties/reporting requirements similar to the KRS Board in KRS 61.645; provide that the CERS board shall not be subject to reorganization by the Governor; amend KRS 61.645 to remove CERS representation from the KRS board and to establish a new 9 member KRS Board who will administer KERS and SPRS; provide that the KERS board shall not be subject to reorganization by the Governor; amend KRS 78.790 to establish a CERS Investment Committee and requirements for an investment procurement policy by the CERS board; create new sections of KRS 78.510 to 78.852 to add in actuarial valuation requirements/experience study requirements/reporting requirements of actuarial data and reports for the newly created CERS board and the process for the CERS board to determine employer contribution rates; amend KRS 11A.010, 11A.201, and 11A.236 to add the CERS Board and the KPPA to the Executive Branch Code of Ethics requirements; amend KRS 66.400 to provide that no municipality may file bankruptcy if it is in default or delinquent in paying contributions to CERS; amend KRS 61.701 to establish a CERS insurance trust fund for retiree health benefits separate from the KRS insurance trust fund and to move CERS funds in the KRS insurance trust fund to the CERS insurance trust fund; amend KRS 78.535 to add in KRS 61.522 provisions regarding employer cessation of participation for CERS and to provide that the CERS Board shall determine the cost of ceasing participation; amend KRS 78.540 to add in provisions of KRS 61.535 and 61.550 relating to when membership ceases that were previously cross-referenced in KRS 78.545; amend KRS 78.625 to add in employer reporting provisions that were included in KRS 61.675 for KERS employers and were previously cross-referenced via KRS 78.545; make technical amendments; amend KRS 78.852 to restore language in the statutes due to a recent court decision and to provide that CERS employers are responsible for funding CERS obligations; amend KRS 6.350, 7A.250, 18A.205, 18A.225, 42.276, 42.728, 61.510, 61.522, 61.535, 61.552, 61.555, 61.592, 61.637, 61.650, 61.670, 61.702, 64.475, 64.640, 70.293, 78.510, 78.530, 78.545, 78.610, 78.615, 95.022, and 95.290 to conform, make technical and clarifying amendments to provide the same authorities to the CERS board as provided the KRS board and to restore language in the statutes due to a recent court decision; repeal KRS 78.533, 78.534, 78.532, 78.542, and 78.780; establish noncodified language toprovide that decisions made by the KRS Board on behalf of CERS will stand and shall not be reversed except under authority granted by KRS 78.510 to 78.852; provide that the 3 elected CERS trustees serving/elected to the KRS board on April 1, 2021, shall be the 3 elected trustees of the new CERS Board; provide that the 2 elected KERS trustees and 1 SPRS trustee serving/elected to the KRS Board on April 1, 2021, shall continue to serve on the newly amended KRS Board; provide that the Governor shall make the initial appointments to the new KRS and CERS Board by March 1, 2021; provide that the Governor shall not reorganize the KRS board prior to the new boards being established; specify that no provision of this Act shall increase or decrease benefits; specify that no provision of this Act shall limit the General Assembly’s authority held prior to the Act; confirm the CERS board election process passed in 2019 to synchronize elections; provide that the effective date of Sections 1 to 46 of this Act shall be April 1, 2021. Republican: 77% (31) Democrat: 22% (9) 77% Republican support 22% Democrat support	Actuarial Analysis Local Mandate Local Government Retirement And Pensions Cities Counties Fiscal Note
HB-479	State (Kentucky)	Amend KRS 67A.440 to delete the provision that a surviving spouse's retirement benefit shall end upon remarriage; amend KRS 67A.450 to provide that for members of policemen's and firefighters' retirement funds of urban-county governments who would have been eligible for voluntary retirement at the time of their death, which is not in the line of duty, an annuity death benefit shall not be provided to the surviving spouse and provide that a deceased member otherwise eligible for a voluntary service retirement is presumed to have retired on the date of death calculated with credit for accumulated sick leave credit; amend KRS 67A.462 to prevent a member on disability retirement from holding a sworn position as an elected, paid, or volunteer peace officer, firefighter, paramedic, or other position of public safety/hazardous duty, and permit the board of trustees to make reasonable investigations, including hearings, to ensure compliance with disability provisions; amend KRS 67A.492 to provide a surviving minor child or children annuity in addition to the retirement benefits for surviving spouses and, based on factors including whether the surviving spouse is eligible for benefits and the number of minor children, set the benefits at between 50% and 75% of a member's final annuity, final rate of pay, or service retirement, whichever is greater, and allow benefit to extend to adult children between 18 and 23 enrolled in full-time educational activities; amend KRS 67A.530 to provide that retired fund members voting for representatives to the board of trustees shall vote for nominees of the department, police or fire, from which the member retired; amend KRS 67A.560 ensuring statutory and regulatory compliance with the Internal Revenue Code, applicable federal regulations, and published guidance; amend KRS 67A.660 to require the board to fix the time for a rehearing at the board's next scheduled meeting after the filing of the application. Republican: 33% (3) Democrat: 66% (6) 33% Republican support 66% Democrat support	Local Mandate Firefighters And Fire Departments Police, City And County Retirement And Pensions Unified Local Governments

Title: A RESOLUTION confirming the reappointment of Matthew Louis Monteiro to the Board of Trustees of the Kentucky Retirement Systems.