Retirement And Pensions
Kentucky 2021 Regular Session
AN ACT relating to the investment of funds by the Kentucky Retirement Systems' and County Employees Retirement System's boards of trustees. [HB-483]
[Pensions ]
[Retirement ]
[Budget and Spending ]
[Finance ]
[Insurance ]
[Investments ]
Amend KRS 16.642, 61.650, and 78.790 to limit the amount of assets that the boards of trustees may invest in alternative investments to not more than 25 percent of the assets in the pension and insurance funds of the State Police Retirement System, the Kentucky Employees Retirement System, and the County Employees Retirement System, respectively.
Sponsored by: Rep. Daniel B. Elliott
Introduced In House on 02/10/2021
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Gettr Kentucky 2021 Regular Session
AN ACT relating to cessation of participation by Kentucky Employees Retirement System employers, making an appropriation therefor, and declaring an emergency. [SB-214]
[Budget and Spending ]
[Funding ]
[Pensions ]
[Retirement ]
[Labor, Jobs, Employment ]
Amend KRS 61.522 that is effective until April 1, 2021, and effective on or after April 1, 2021, so that Kentucky Employees Retirement System employers who are voluntarily ceasing participation in the system may make multiple lump-sum payments by the set due date and to receive interest credit for early payment; EMERGENCY.
Sponsored by: Sen. Christian McDaniel
Signed By Governor (acts Ch.28) on 03/17/2021
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Kentucky 2021 Regular Session
AN ACT relating to the submission of member forms prior to retirement with the state-administered retirement systems. [SB-212]
[Retirement ]
[Technology and Innovation ]
[Pensions ]
Amend KRS 61.542 and 161.480 to require effective September 1, 2021, that any future changes to beneficiary designations for all members shall be submitted to the systems electronically or by an electronic method developed by the systems; amend KRS 61.526 and 161.480 to require effective July 1, 2022, that new member forms, including beneficiary designation forms, shall be submitted to the systems electronically or by an electronic method developed by the systems;
Sponsored by: Sen. Danny Carroll
Returned To Committee On Committees (h) on 03/12/2021
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Kentucky 2021 Regular Session
AN ACT relating to the Teachers' Retirement System board of trustees. [HB-436]
[Education ]
[Pensions ]
[Retirement ]
Amend KRS 161.250 to provide that the TRS board of trustees shall not be subject to reorganization by a Governor.
Sponsored by: Rep. Ed Massey
Introduced In House on 02/09/2021
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Kentucky 2021 Regular Session
AN ACT relating to retirement and declaring an emergency. [HB-9]
[Retirement ]
[Pensions ]
[Budget and Spending ]
[Labor, Jobs, Employment ]
Create separate retirement benefit, disability benefit, retiree health benefit, and other benefit statutes for the County Employees Retirement System (CERS) apart from the Kentucky Retirement Systems (KRS) as provided in intent language of HB 484 during the 2020 Regular Session; amend KRS 16.505 and 61.510 to amend definition of "retirement office," make conforming amendments, and remove language that was voided due to a court ruling; amend KRS 78.635 to include changes from SB 249 from the 2020 Regular Session regarding amortization of unfunded
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Sponsored by: Rep. Michael Lee Meredith
Signed By Governor (acts Ch. 102) on 03/24/2021
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Kentucky 2021 Regular Session
AN ACT relating to duty-related disability benefits. [SB-169]
[Labor, Jobs, Employment ]
[Insurance ]
[Healthcare ]
[Workers' Compensation ]
[Disabilities ]
[Pensions ]
[Retirement ]
Amend KRS 16.582 and 61.621 to increase minimum total and permanent in line of duty or duty-related disability benefits payable to a member of any of the systems administered by the Kentucky Retirement Systems from 25% to 75% of the member's monthly average pay; amend KRS 16.505, 61.510, and 78.510 to define "monthly average pay" as it relates to total and permanent line of duty and duty-related disability benefits; amend KRS 16.505 to amend the definition of "dependent child" as it relates to total and permanent line of duty or duty-related disability;
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Sponsored by: Sen. Ralph Alvarado
Signed By Governor (acts Ch. 106) on 03/24/2021
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Kentucky 2021 Regular Session
AN ACT relating to taxation. [HB-356]
[Taxes ]
[Finance ]
[Alcoholic Beverages ]
[Gaming ]
[Small Business ]
[Property Tax ]
Amend KRS 132.020 to freeze the state property tax rate and eliminate the tax rate reduction for qualified heavy equipment; amend KRS 136.291, 136.505, and 136.506 to reinstate the bank franchise tax and exempt financial institutions from corporation income tax and LLET; amend KRS 138.130 to define vapor products and include vapor products in the definition of tobacco products; amend KRS 138.132, 138.135, 138.195, and 138.197 to remove references to vapor products; amend KRS 138.140 to increase the tax on cigarettes, snuff, chewing tobacco, and
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Sponsored by: Rep. George A. Brown
Introduced In House on 02/03/2021
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Kentucky 2021 Regular Session
AN ACT relating to the Teachers' Retirement System. [HB-258]
[Education ]
[Pensions ]
[Retirement ]
Create new sections of KRS 161.220 to 161.716 to specify that new members of the Teachers' Retirement System on or after January 1, 2022, shall receive a foundational benefit component, which shall be a traditional defined benefit plan with risk adjustments, and a supplemental benefit component which shall be a plan based upon the member's account balance; 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
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Sponsored by: Rep. Kimberly Poore Moser
Delivered To Secretary Of State (acts Ch. 157) on 03/29/2021
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Kentucky 2021 Regular Session
AN ACT relating to fraud against the Kentucky Public Pensions Authority. [HB-261]
[Pensions ]
[Retirement ]
[Law Enforcement ]
[Criminal Justice ]
[Public Safety ]
[Finance ]
[Labor, Jobs, Employment ]
[Ethics ]
[Crime ]
Amend KRS 61.685 to make a person liable for civil penalties if he or she knowingly submits false or fraudulent claims or fails to report or remit required money, records, or property to the Kentucky Public Pensions Authority (KPPA) in order to obtain retirement benefits from any of the retirement systems administered by the KPPA; define "person" and "knowingly" for purposes of the Act; provide civil penalties, including restitution of the payments received as a result of fraud, a penalty of as much as 3 times the amount of the excess payments,
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Sponsored by: Rep. Jerry T. Miller
Signed By Governor (acts Ch. 189) on 04/05/2021
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Kentucky 2021 Regular Session
AN ACT relating to the taxation of pension income, making an appropriation therefor, and declaring an emergency. [HB-252]
[Taxes ]
[Pensions ]
[Retirement ]
[Budget and Spending ]
[Funding ]
[Senior Citizens ]
Amend KRS 141.019 to increase the pension income exclusion from $31,110 to $41,110; apply retroactively for taxable years beginning on or after January 1, 2018; require the Department of Revenue to automatically issue refunds; APPROPRIATION; EMERGENCY.
Sponsored by: Rep. Regina Bunch
Introduced In House on 01/11/2021
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Kentucky 2021 Regular Session
AN ACT relating to wagering and making an appropriation therefor. [HB-241]
[Gaming ]
[Finance ]
[Taxes ]
[Consumer Protection ]
[Economic Development ]
[Funding ]
[Public Safety ]
Establish KRS Chapter 239 and create new sections to define “adjusted gross revenue,” “beginner,” “cabinet, “confidential information,” “entry fee,” “fantasy contest,” “fantasy contest operator," “fantasy contest participant," “highly experienced player,” “immediate family,” “location percentage,” “net poker revenue,” “online poker,” “person,” “principal stockholder,” “rake,” “registered fantasy contest operator,” “script,” “secretary,” and “wager”; establish requirements for registration as a fantasy contest operator; require the cabinet to promulgate
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Sponsored by: Rep. Adam Koenig
Introduced In House on 01/09/2021
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Kentucky 2021 Regular Session
AN ACT relating to appropriations measures providing funding and establishing conditions for the operations, maintenance, support, and functioning of the government of the Commonwealth of Kentucky and its various officers, cabinets, departments, boards, commissions, institutions, subdivisions, agencies, and other state-supported activities. [HB-192]
[Budget and Spending ]
[Economic Development ]
[Education ]
[Energy ]
[Environmental ]
[Finance ]
[Healthcare ]
[Labor, Jobs, Employment ]
[Public Safety ]
[Tourism ]
[Arts and Culture ]
The State/Executive Branch Budget: Detail Part I, Operating Budget; appropriate to General Government: 2020-2021: $2,232,159,200, 2021-2022: $1,799,151,900; appropriate to the Economic Development Cabinet: 2020-2021: $30,692,000, 2021-2022: $32,698,000; appropriate to the Department of Education: 2020-2021: $5,087,565,600, 2021-2022: $5,236,333,800; appropriate to the Education and Workforce Development Cabinet: 2020-2021: $224,230,300, 2021-2022: $226,419,100; appropriate to the Energy and Environment Cabinet: 2020-2021: $301,178,900, 2021-2022:
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Sponsored by: Rep. Jason Petrie
Line Item Vetoes #2, #5, #6, And #9 Not Overridden on 03/30/2021
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Kentucky 2021 Regular Session
AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority plans. [SB-79]
[Pensions ]
[Retirement ]
[Labor, Jobs, Employment ]
Repeal, reenact, and amend KRS 18A.245 and repeal and reenact KRS 18A.262 to establish conflict of interest provisions for trustees of the Kentucky Public Employees' Deferred Compensation Authority; amend KRS 18A.230 and 18A.255 to define financial planning, further provide guidance on advice provided to participants, and authorize the promulgation of administrative regulations; amend KRS 18A.250 to clarify auto enrollment provisions and authorize the promulgation of administrative regulations for implementation.
Sponsored by: Sen. Jimmy Higdon
Signed By Governor (acts Ch. 111) on 03/24/2021
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Kentucky 2021 Regular Session
AN ACT relating to the Kentucky Employees Retirement System's employers, declaring an emergency, and making an appropriation therefor. [HB-8]
[Pensions ]
[Budget and Spending ]
[Labor, Jobs, Employment ]
[Retirement ]
Amend KRS 61.565 to change the Kentucky Employees Retirement System's (KERS) nonhazardous actuarially accrued liability contribution (unfunded liability payment) that is payable by employers on or after July 1, 2021, from a value that is paid as a percent of pay on each employee to a set dollar amount; provide that the set dollar amount shall be allocated to each individual employer based upon the employer's percent share of the liability as of the June 30, 2019, actuarial valuation and shall be paid by employers in equal installments monthly; provide
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Sponsored by: Rep. Jim Duplessis
Signed By Governor (acts Ch. 83) on 03/23/2021
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Kentucky 2021 Regular Session
AN ACT relating to reciprocity among the state-administered retirement systems. [SB-39]
[Retirement ]
[Pensions ]
[Education ]
Amend KRS 61.680 to provide that retirees of the Teachers' Retirement System (TRS) who suspend their retirement benefits in order to return to covered employment and build upon their existing TRS account as provided by current law, may utilize omitted service (service that should have been reported for prior full-time work) in the Kentucky Retirement Systems (KRS) that was purchased during the period of reemployment for purposes of determining eligibility and the amount of benefits upon subsequent retirement from both KRS and TRS; make the provision
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Sponsored by: Sen. Dennis L. Parrett
Introduced In Senate on 01/05/2021
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Kentucky 2021 Regular Session
AN ACT relating to an exemption of income taxation for military pensions. [HB-37]
[Taxes ]
[Military ]
[Pensions ]
[Retirement ]
[Veterans ]
Amend KRS 141.019 to exclude United States military retirees' pension income from income taxation for taxable years beginning on or after January 1, 2021, and before January 1, 2025; require reporting by the Department of Revenue; amend KRS 131.190 to conform.
Sponsored by: Rep. Kim King
To Appropriations & Revenue (h) on 02/04/2021
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Kentucky 2021 Regular Session
AN ACT relating to the state-administered retirement systems. [HB-87]
[Retirement ]
[Pensions ]
[Labor, Jobs, Employment ]
Amend KRS 16.578 and 61.640 to apply the alternate death benefit calculation options as written prior to 2009 legislation for deaths occurring prior to retirement; amend KRS 61.540 to remove requirement that the employer and member must file a statement of facts before benefit payments can commence; amend KRS 61.598 to provide that the ten percent cap on creditable compensation growth during a member's last five years of employment shall not apply to situations where the growth in excess of ten percent during the entire five-year period results
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Sponsored by: Rep. Jerry T. Miller
Signed By Governor (acts Ch. 96) on 03/24/2021
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Kentucky 2021 Regular Session
AN ACT relating to actuarial reporting for the state-administered retirement systems. [HB-69]
[Retirement ]
[Pensions ]
Amend KRS 6.350 to establish additional standards and requirements for the completion of the actuarial analysis required for bills pertaining to state-administered retirement systems, including a projection of costs/savings over a 30-year period rather than 20 years, completion of the analysis in a format established by the Legislative Research Commission, and the addition of a summary of relevant data and information on the front page of the analysis; amend KRS 21.440, 61.670, and 161.400 to require the state-administered retirement systems to
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Sponsored by: Rep. Jerry T. Miller
Signed By Governor (acts Ch. 64) on 03/22/2021
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Kentucky 2021 Regular Session
AN ACT relating to the taxation of pension income. [HB-60]
[Taxes ]
[Retirement ]
[Pensions ]
[Senior Citizens ]
Amend KRS 141.019, relating to the individual income tax, to increase the pension income exclusion from $31,110 to $41,110.
Sponsored by: Rep. McKenzie Cantrell
Introduced In House on 01/05/2021
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Kentucky 2021 Regular Session
AN ACT relating to duty-related disability benefits and declaring an emergency. [HB-139]
[Labor, Jobs, Employment ]
[Insurance ]
[Healthcare ]
[Workers' Compensation ]
[Public Safety ]
[Retirement ]
[Pensions ]
[Veterans ]
[Disabilities ]
Amend KRS 16.582 and 61.621 to increase minimum total and permanent in line of duty or duty-related disability benefits payable to a member of any of the systems administered by the Kentucky Retirement Systems from 25% to 75% of the member's monthly average pay; amend KRS 16.505, 61.510, and 78.510 to define "monthly average pay" as it relates to total and permanent line of duty and duty-related disability benefits; amend KRS 16.505 to amend the definition of "dependent child" as it relates to total and permanent line of duty or duty-related disability;
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Sponsored by: Rep. John C. Blanton
Introduced In House on 01/05/2021