Kentucky House Bill 238 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on April 18 2016 - 100% progression
Action: 2016-04-18 - signed by Governor
Text: Latest bill text (Draft #3) [PDF]

Amend KRS 6.350 to specify that the actuarial analysis required on retirement legislation shall include the impact on funding levels and unfunded liabilities over time; specify the qualification requirements of the actuary completing the analysis; amend KRS 7A.240 to require the state-administered retirement systems to pay the cost of actuarial services required by amendments to KRS 7A.250; amend KRS 7A.250 to require the Public Pension Oversight Board to retain an actuary to perform an actuarial audit of the state-administered retirement systems at least once every 10 years and to review state-administered retirement system budget requests prior to each budget biennium; amend KRS 21.440, 61.670, and 161.400 to provide that all state-administered retirement systems shall include in their actuarial valuation a description of funding methods utilized or required by state law in the development of the valuation, a description of any changes in actuarial assumptions and methods that have occurred since the last valuation, the actuarially recommended employer contribution rates for the upcoming budget period, a 20-year projection of employer contribution rates, funding levels, and unfunded liabilities, and a sensitivity analysis to evaluate the impact of changes in key assumptions on employer rates, funding levels, and unfunded liabilities; require the systems to conduct an actuarial experience study at least once every 5 years and to perform a 20-year impact of the proposed changes to the systems' employer rates, funding levels, and unfunded liabilities; require the systems to perform a 20-year impact on employer rates, funding levels, and unfunded liabilities for any changes in assumptions, funding methods, retiree health subsidies, or other changes enacted by the board of trustees of the systems that impact system liabilities; require the actuary certifying the results of the annual actuarial valuation and the 5 year experience study to be a fellow of the Conference of Consulting Actuaries or a member of the American Academy of Actuaries; require electronic distribution of actuarial valuations, experience studies, or analysis of changes made by the boards of trustees to the Legislative Research Commission (LRC) and require LRC to distribute information to chairs and committee staff of committees with jurisdiction over the systems; make technical amendments; require completion of the actuarial valuations by November 15 following the close of the fiscal year; amend KRS 48.040 to provide that on or before August 15 prior to a budget session, that the state-administered systems shall prepare a preliminary projection of the actuarially required contribution rates for the upcoming budget biennium and to provide updated values by November 15 of the same year once the actuarial valuation is completed; require submission to the state budget director's office and the LRC and require LRC upon receipt to distribute information to chairs and committee staff of committees with jurisdiction over the systems.

AN ACT relating to public pension plan reporting.

Rep. Brent Yonts [D]

Rep. Jody Richards [D]

Date	Chamber	Action
2016-04-18	House	signed by Governor
2016-04-15	House	delivered to Governor
2016-04-15	House	enrolled, signed by each presiding officer
2016-04-15	House	passed 96-0
2016-04-15	House	House concurred in Senate Committee Substitute (2)
2016-04-01	House	posted for passage for concurrence in Senate Committee Substitute (2)
2016-04-01	House	to Rules (H)
2016-04-01	House	received in House
2016-03-29	Senate	passed 38-0 with Committee Substitute (2)
2016-03-29	Senate	Committee Substitute (1) withdrawn
2016-03-29	Senate	3rd reading
2016-03-29	Senate	posted for passage in the Consent Orders of the Day for Tuesday, March 29, 2016 (Consent Orders #3)
2016-03-29	Senate	reported favorably, to Rules with Committee Substitutes (2), committee amendment (1-title) as a Consent Bill
2016-03-29	Senate	recommitted to Appropriations & Revenue (S)
2016-03-29	Senate	taken from Rules (S)
2016-03-23	Senate	2nd reading, to Rules
2016-03-22	Senate	reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
2016-02-22	Senate	to State & Local Government (S)
2016-02-19	Senate	received in Senate
2016-02-18	House	3rd reading, passed 95-0
2016-02-16	House	posted for passage in the Consent Orders of the Day for Thursday, February 18, 2016
2016-02-12	House	2nd reading, to Rules
2016-02-11	House	reported favorably, 1st reading, to Consent Calendar
2016-02-04	House	posted in committee
2016-01-14	House	to State Government (H)
2016-01-13	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/16RS/HB238.htm
Text	http://www.lrc.ky.gov/record/16RS/HB238/bill.pdf
Amendment	http://www.lrc.ky.gov/record/16RS/HB238/SCS1.pdf
Amendment	http://www.lrc.ky.gov/record/16RS/HB238/SCS2.pdf
Amendment	http://www.lrc.ky.gov/record/16RS/HB238/SCA1.pdf
Supplement	http://www.lrc.ky.gov/record/16RS/HB238/vote_history.pdf