KY HB506 | 2023 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on March 23 2023 - 100% progression
Action: 2023-03-23 - signed by Governor (Acts Ch. 71)
Text: Latest bill text (Chaptered) [PDF]

Summary

Amend KRS 61.635 to establish a partial lump sum option (PLSO), with and without survivor rights, as a payment option for retiring members of the Kentucky Employees Retirement System (KERS), County Employees Retirement System (CERS), or State Police Retirement System (SPRS); provide that the PLSO shall include a lump-sum payment of 12, 24, 36, 48, or 60 months of payments and a lifetime benefit that is actuarially reduced to reflect the lump-sum payment; require the systems to develop information to assist the member in evaluating the PLSO as a potential payment option; amend KRS 61.637 and 78.5540 to change the required break in employment before a KERS, CERS, or SPRS retiree may return to work with a participating employer from 1 or 3 months, depending upon the position, to 1 month; make technical changes; EFFECTIVE January 1, 2024.

Tracking Information

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Title

AN ACT relating to post-retirement options for state and local employees.

Sponsors


Roll Calls

2023-03-15 - Senate - Senate: Third Reading RSN# 2647 (Y: 36 N: 0 NV: 0 Abs: 1) [PASS]
2023-03-07 - House - House: Veto Override RCS# 167 (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]

History

DateChamberAction
2023-03-23Housesigned by Governor (Acts Ch. 71)
2023-03-16Housedelivered to Governor
2023-03-16Houseenrolled, signed by President of the Senate
2023-03-16Houseenrolled, signed by Speaker of the House
2023-03-15Housereceived in House
2023-03-15Senate3rd reading, passed 36 -0
2023-03-15Senateposted for passage in the Consent Orders of the Day for Wednesday, March 15, 2023
2023-03-15Senatereported favorably, to Rules as a consent bill
2023-03-14Senatereturned to State & Local Government (S)
2023-03-14Senate2nd reading
2023-03-14Senatetaken from State & Local Government (S)
2023-03-13Senatereturned to State & Local Government (S)
2023-03-13Senate1st reading
2023-03-13Senatetaken from State & Local Government (S)
2023-03-10Senateto State & Local Government (S)
2023-03-08Senateto Committee on Committees (S)
2023-03-08Senatereceived in Senate
2023-03-07House3rd reading, passed 98-0
2023-03-03Houseposted for passage in the Consent Orders of the Day for Tuesday, March 07, 2023
2023-03-03House2nd reading, to Rules
2023-03-02Housereported favorably, 1st reading, to Calendar
2023-02-23Houseto State Government (H)
2023-02-22Houseto Committee on Committees (H)
2023-02-22Houseintroduced in House

Subjects


Kentucky State Sources


Bill Comments

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