KY HB62 | 2015 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on March 20 2015 - 100% progression
Action: 2015-03-20 - signed by Governor (Acts, ch. 028)
Text: Latest bill text (Draft #6) [MS Word]
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on March 20 2015 - 100% progression
Action: 2015-03-20 - signed by Governor (Acts, ch. 028)
Text: Latest bill text (Draft #6) [MS Word]
Summary
Create a new section of KRS 61.510 to 61.705 to provide that certain employers participating in the Kentucky Employees Retirement System (KERS) and the County Employees Retirement System (CERS) may elect to voluntarily cease participation in the system and that any agency may be required to involuntarily cease participation in KERS or CERS in the event the board of trustees has determined the employer is no longer eligible to participate in a governmental plan or has failed to comply with the provisions of KRS 61.510 to 61.705 or 78.510 to 78.852; establish requirements for voluntary and involuntary cessation of participation by the employer, including requiring any employer voluntarily ceasing participation to adopt a resolution to cease participation and submit the resolution the Kentucky Retirement Systems' board, requiring the cessation of participation to apply to all employees of the employer ceasing participation, requiring the employer to pay for an actuarial cost study to determine the cost to the employer for discontinuing participation, requiring an employer voluntarily ceasing participation to offer an alternative retirement plan to impacted employees, and requiring the employer to pay the system for the full actuarial cost of discontinuing participation either in a lump-sum payment or in installments under the terms established by the board; provide that the full actuarial cost shall not include those employees who elect to take a refund of their account balance within 60 days of the employer's cessation date; provide that the employer's full actuarial cost shall be fixed once the employer makes the lump-sum payment or first installment payment; provide that employees hired after the employer ceases participation will not participate in KERS or CERS for the ceased employer; provide that employees participating in the systems with the employer ceasing participation will not earn benefits after the employer has ceased participation, but will be vested for those benefits accrued prior to the employer's cessation date; provide that the voluntary cessation of participation provisions shall not apply to certain KERS employers including Commonwealth's attorney offices, county attorney offices, local and district health departments governed by KRS Chapter 212, master commissioners, property valuation administration offices, executive branch agencies whose employees are subject to KRS 18A.005 to 18A.200, state-administered retirement systems, employers in the legislative or judicial branch of Kentucky state government, or state-supported universities and community college systems, unless the agency is a nonstock nonprofit corporation established under KRS Chapter 273; provide that the voluntary cessation of participation provisions shall only apply to CERS employers who are nonstock nonprofit corporation established under KRS Chapter 273; amend KRS 78.530 to make conforming amendments and to remove provisions that allow a CERS agency whose participation has been terminated under KRS 78.535 to once again participate in CERS at a later date; amend KRS 78.535 to remove provisions regarding the termination of participation provisions in current law and to reference the cessation of participation provisions in Section 1 of this Act; amend KRS 78.540, 78.545, 78.610, 61.520, and 78.615 to conform; amend KRS 95.520, 95.621, and 95.852 to remove provisions that allow an employee to regain participation in a closed city pension plan if the agency's participation has been terminated under KRS 78.535.
Title
AN ACT relating to public agencies.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2015-03-20 | House | signed by Governor (Acts, ch. 028) |
| 2015-03-11 | House | delivered to Governor |
| 2015-03-11 | House | enrolled, signed by each presiding officer |
| 2015-03-10 | House | Bill passed 96-1 |
| 2015-03-10 | House | House concurred in Senate Committee Substitute |
| 2015-03-10 | House | posted for passage for concurrence in Senate Committee Substitute |
| 2015-03-10 | House | to Rules (H) |
| 2015-03-10 | House | received in House |
| 2015-03-09 | Senate | 3rd reading, passed 36-0 with Committee Substitute |
| 2015-03-04 | Senate | posted for passage in the Regular Orders of the Day for Thursday, March 5, 2015 |
| 2015-02-26 | Senate | 2nd reading, to Rules |
| 2015-02-25 | Senate | reported favorably, 1st reading, to Calendar with Committee Substitute |
| 2015-02-19 | Senate | to State & Local Government (S) |
| 2015-02-12 | Senate | received in Senate |
| 2015-02-11 | House | 3rd reading, passed 99-1 with Committee Substitute |
| 2015-02-09 | House | taken from the Consent Orders of the Day, placed in the Regular Orders of the Day |
| 2015-02-09 | House | placed in the Consent Orders of the Day |
| 2015-02-09 | House | taken from Rules |
| 2015-02-06 | House | 2nd reading, to Rules |
| 2015-02-05 | House | reported favorably, 1st reading, to Consent Calendar with Committee Substitute |
| 2015-02-03 | House | posted in committee |
| 2015-01-06 | House | to State Government (H) |
| 2015-01-06 | House | introduced in House |
