KY HB1 | 2016 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 17-0)
Status: Engrossed on March 23 2016 - 50% progression, died in chamber
Action: 2016-03-24 - to Appropriations & Revenue (S)
Text: Latest bill text (Draft #3) [PDF]

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 2016-2017; 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; establish non-codified language to state it is the intent of the General Assembly for biennial budgets occurring on or after July 1, 2016, to use both reductions in debt service due to previously issued bonds for the Kentucky Teachers' Retirement System and funding for past statutory benefit improvements under subsections (1) and (2) of Section 5 of this Act as the debt service for funding notes issued on or after July 1, 2016, as authorized by Sections 1, 2, and 3 of this Act.

Tracking Information

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Title

AN ACT relating to funding for the Kentucky Teachers' Retirement System, making an appropriation therefor, and declaring an emergency.

Sponsors


History

DateChamberAction
2016-03-24Senateto Appropriations & Revenue (S)
2016-03-23Senatereceived in Senate
2016-03-22Housepassed 86-11 with Committee Substitute (1)
2016-03-22Housefloor amendment (2) defeated
2016-03-22House3rd reading
2016-03-15Houseplaced in the Orders of the Day for Wednesday, March 16, 2016
2016-03-15Housetaken from Rules
2016-03-15Housefloor amendment (2) filed to Committee Substitute
2016-03-15Housereported favorably, to Rules with Committee Substitute (1)
2016-03-14Housefloor amendment (1) filed
2016-03-10Houserecommitted to Appropriations & Revenue (H)
2016-03-09House2nd reading, to Rules
2016-03-08Housereported favorably, 1st reading, to Calendar
2016-02-29Houseposted in committee
2016-01-07Houseto Appropriations & Revenue (H)
2016-01-06Houseintroduced in House

Kentucky State Sources


Bill Comments

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