KY HB4 | 2015 | Regular Session
Status
Spectrum: Strong Partisan Bill (Democrat 15-1)
Status: Engrossed on February 24 2015 - 50% progression, died in chamber
Action: 2015-03-23 - Free Conference Committee appointed in House
Text: Latest bill text (Draft #5) [MS Word]
Status: Engrossed on February 24 2015 - 50% progression, died in chamber
Action: 2015-03-23 - Free Conference Committee appointed in House
Text: Latest bill text (Draft #5) [MS Word]
Summary
Amend KRS 56.8605 to redefine "financing agreement" and "funding notes" to include financing or refinancing of pension obligations owed to Kentucky Teachers' Retirement System under KRS 161.550(1)(b); amend KRS 56.868 to authorize the Kentucky Asset/Liability Commission to issue funding notes to finance or refinance pension fund obligations owed to Kentucky Teachers' Retirement System under KRS 161.550(1)(b); authorize the Kentucky Asset/Liability Commission to issue funding notes in an amount not to exceed $3,300,000,000 in fiscal year 2015-2016; amend KRS 161.550 to provide that the state shall pay the additional amount needed to fund the Kentucky Teachers' Retirement System pension fund on an actuarially sound basis beginning on July 1, 2015, and continuing for each year thereafter; provide that any funds used to finance statutory benefit improvements under KRS 161.553 that are repurposed and utilized to fund debt service on funding notes authorized under Sections 1 to 3 of this Act shall be included in the additional state appropriation required and to adjust the cost schedules of providing statutory benefit improvements for annuitants; establish intent of General Assembly to phase-into the full actuarially required contribution rate for the Kentucky Teachers' Retirement System pension fund with direct state appropriations on a pro-rata basis from fiscal year 2016-2017 to fiscal year 2024-2025 and to utilize proceeds from funding notes authorized by Sections 1 to 3 of this Act to provide the additional funding needed to pay the full actuarially required contribution to the pension fund during the phase-in schedule and to pay the actuarially required contribution rate in fiscal year 2015-2016; amend 2014 Kentucky Acts Chapter 117, the state/executive branch budget bill, to authorize funding notes to be issued by the Kentucky Asset/Liability Commission for the Kentucky Teachers' Retirement System not to exceed $3,300,000,000 and to provide that current appropriations dedicated to funding past benefit improvements under subsections (1) and (2) of KRS 161.553 of $116,798,700 shall be used in fiscal year 2015-2016 for debt service on the notes authorized by Sections 1 to 3 of this Act.
Title
AN ACT relating to funding for Kentucky Teachers' Retirement System and making an appropriation therefor.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2015-03-23 | Senate | Free Conference Committee appointed in House |
| 2015-03-23 | Senate | Conference Committee report adopted in House |
| 2015-03-23 | Senate | Conference Committee report filed in House and Senate |
| 2015-03-11 | Senate | Conference Committee appointed in House and Senate |
| 2015-03-11 | Senate | Senate refused to recede from Committee Substitute, committee amendment (1-title) |
| 2015-03-11 | Senate | posted for passage for receding from Senate Committee Substitute, committee amendment (1-title) |
| 2015-03-11 | Senate | to Rules (S) |
| 2015-03-11 | Senate | received in Senate |
| 2015-03-11 | House | House refused to concur in Senate Committee Substitute, committee amendment (1-title) |
| 2015-03-11 | House | posted for passage for concurrence in Senate Committee Substitute, committee amendment (1-title) |
| 2015-03-10 | House | to Rules (H) |
| 2015-03-10 | House | received in House |
| 2015-03-10 | Senate | 3rd reading, passed 26-10 with Committee Substitute, committee amendment (1-title) |
| 2015-03-10 | Senate | posted for passage in the Regular Orders of the Day for Tuesday, March 10, 2015 |
| 2015-03-09 | Senate | reported favorably, to Rules with Committee Substitute, committee amendment (1-title) |
| 2015-03-09 | Senate | returned to State & Local Government (S) |
| 2015-03-09 | Senate | 2nd reading |
| 2015-03-09 | Senate | taken from State & Local Government (S) |
| 2015-03-03 | Senate | returned to State & Local Government (S) |
| 2015-03-03 | Senate | 1st reading |
| 2015-03-03 | Senate | taken from State & Local Government (S) |
| 2015-02-26 | Senate | to State & Local Government (S) |
| 2015-02-24 | Senate | received in Senate |
| 2015-02-23 | House | passed 62-31 |
| 2015-02-23 | House | floor amendment (1) defeated |
| 2015-02-23 | House | 3rd reading |
| 2015-02-12 | House | floor amendments (3) and (4-title) filed |
| 2015-02-11 | House | floor amendments (1) and (2) filed |
| 2015-02-11 | House | posted for passage in the Regular Orders of the Day for Thursday, February 12, 2015 |
| 2015-02-11 | House | 2nd reading, to Rules |
| 2015-02-10 | House | reported favorably, 1st reading, to Calendar |
| 2015-02-06 | House | posted in committee |
| 2015-02-03 | House | to Appropriations & Revenue (H) |
| 2015-01-09 | House | introduced in House |
