KY SB239 | 2020 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Engrossed on March 18 2020 - 50% progression
Action: 2020-03-26 - reported favorably, 2nd reading, to Rules with Committee Substitute (1)
Text: Latest bill text (Engrossed) [PDF]

Summary

Amend KRS 90.400 and 90.410 to permit the board of trustees of a legacy city pension fund having fewer than twelve active and retired members or beneficiaries to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend 95.290 to permit the board of trustees of a legacy policemen's pension fund or firefighters' pension fund in a city of the first class having fewer than twelve active and retired members or beneficiaries to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend KRS 95.530, 95.622, 95.767, and 95.869, to permit the board of trustees of a local legacy policemen's and firefighters' pension fund having fewer than twelve active and retired members or beneficiaries, to offer those individuals a one-time irrevocable option to convert monthly pension benefits from the fund to monthly annuity benefits from an insurance company for the same amount, require the insurance company to honor any features and options available under the existing plan, and require the board to provide beneficiaries with complete and appropriate disclosures sufficient to make an informed decision; amend KRS 95.620 to conform.

Tracking Information

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Title

AN ACT relating to local government pension plans.

Sponsors


Roll Calls

2020-03-17 - Senate - Senate: Third Reading RSN# 1348 (Y: 34 N: 0 NV: 0 Abs: 4) [PASS]

History

DateChamberAction
2020-03-26Housereported favorably, 2nd reading, to Rules with Committee Substitute (1)
2020-03-19Houseposted in committee
2020-03-19Housereturned to Local Government (H)
2020-03-19House1st reading
2020-03-19Housetaken from Local Government (H)
2020-03-19Houseto Local Government (H)
2020-03-18Housereceived in House
2020-03-17Senate3rd reading, passed 34-0
2020-03-17Senateposted for passage in the Consent Orders of the Day for Tuesday, March 17, 2020
2020-03-12Senate2nd reading, to Rules
2020-03-11Senatereported favorably, 1st reading, to Consent Calendar
2020-03-04Senateto State & Local Government (S)
2020-03-02Senateintroduced in Senate

Subjects


Kentucky State Sources


Bill Comments

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