KY SB32 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 30 2022 - 100% progression
Action: 2022-03-30 - signed by Governor (Acts Ch. 55)
Text: Latest bill text (Chaptered) [PDF]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 30 2022 - 100% progression
Action: 2022-03-30 - signed by Governor (Acts Ch. 55)
Text: Latest bill text (Chaptered) [PDF]
Summary
Amend KRS 21.525 to define the funding components for the retirement plans administered by the Judicial Form Retirement System as the "normal cost contribution" and the "actuarially accrued liability contribution;" establish the actuarial methods to be used to compute the normal cost contribution and the actuarially accrued liability (AAL) contribution; require the total unfunded AAL be amortized over a closed 20-year period beginning with the 2023 actuarial valuation; require any increase or decrease in the unfunded AAL occurring after completion of the 2023 actuarial valuation be amortized over a closed 20-year period beginning in the year the increase or decrease is recognized; establish the circumstances that may result in an increase or decrease to the unfunded AAL; provide that if an annual valuation determines that the plan has surplus assets, the prior bases under which the unfunded AAL increases were established be eliminated, and one base equal to the surplus assets be established and amortized under an open 20-year period; amend KRS 21.540 to require that the authorization for all administrative expenses of the JFRS be included in the biennial budget unit request, branch budget recommendation, and the financial plan adopted by the General Assembly; repeal, reenact, and amend KRS 6.505, 6.518, 6.520, 6.525, 21.360, 21.385, 21.402, and 21.480 to remove language that was voided due to a court ruling and to restore prior statute language and to make technical changes.
Title
AN ACT relating to the Judicial Form Retirement System.
Sponsors
Roll Calls
2022-03-24 - House - House: Third Reading RCS# 384 (Y: 95 N: 0 NV: 0 Abs: 5) [PASS]
2022-02-01 - Senate - Senate: Third Reading RSN# 1988 (Y: 36 N: 0 NV: 0 Abs: 2) [PASS]
2022-02-01 - Senate - Senate: Third Reading RSN# 1988 (Y: 36 N: 0 NV: 0 Abs: 2) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-03-30 | Senate | signed by Governor (Acts Ch. 55) |
| 2022-03-25 | Senate | delivered to Governor |
| 2022-03-25 | Senate | enrolled, signed by Speaker of the House |
| 2022-03-25 | Senate | enrolled, signed by President of the Senate |
| 2022-03-25 | Senate | received in Senate |
| 2022-03-24 | House | 3rd reading, passed 95-0 |
| 2022-03-18 | House | posted for passage in the Regular Orders of the Day for Monday, March 21, 2022 |
| 2022-03-18 | House | 2nd reading, to Rules |
| 2022-03-17 | House | reported favorably, 1st reading, to Calendar |
| 2022-03-16 | House | to State Government (H) |
| 2022-02-02 | House | to Committee on Committees (H) |
| 2022-02-02 | House | received in House |
| 2022-02-01 | Senate | 3rd reading, passed 36-0 |
| 2022-01-27 | Senate | posted for passage in the Regular Orders of the Day for Tuesday, February 01, 2022 |
| 2022-01-27 | Senate | 2nd reading, to Rules |
| 2022-01-26 | Senate | reported favorably, 1st reading, to Calendar |
| 2022-01-06 | Senate | to State & Local Government (S) |
| 2022-01-04 | Senate | to Committee on Committees (S) |
| 2022-01-04 | Senate | introduced in Senate |
