Kentucky 2022 Regular Session Status: Enacted

HB 76 — AN ACT relating to retirement.

Last action — signed by Governor (Acts Ch. 165)

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced October 20, 2021. Enacted.

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Likely to advance 72% · moderate confidence

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High

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  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    2 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 4 recorded votes so far.

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Summary

Amend KRS 21.440, 61.670, 78.784, and 161.400 to require the Legislators' Retirement Plan, the Judicial Retirement Plan, the Kentucky Retirement Systems, the County Employees Retirement System, and the Teachers' Retirement System to perform an actuarial investigation of economic assumptions once every two years rather than once every five years while retaining a review of demographic assumptions once every five years; amend KRS 78.784 to require the County Employees Retirement System to provide a projection/analysis over a 30-year period rather than a 20-year period regarding projections in the annual actuarial valuation and as it relates to experience studies, assumption changes, and other changes made by the boards of each system; require the first actuarial investigation of economic assumptions to occur prior to 2023 actuarial valuations.

Bill Text

What changed in the latest version

842 added · 1164 removed

842 line(s) added, 1164 removed.

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UNOFFICIAL COPY 22 RS HB 76/EN AN ACT relating to retirement.
CHAPTER 165 1 CHAPTER 165 ( HB 76 ) AN ACT relating to retirement.
An actuarial investigation to be made of all of the economic experience under the plans, including but not limited to the inflation rate and investment return assumptions, relative to the economic Page 1 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN assumptions and funding methods previously adopted by the board.
An actuarial investigation to be made of all of the economic experience under the plans, including but not limited to the inflation rate and investment return assumptions, relative to the economic assumptions and funding methods previously adopted by the board.
and[paragraph] (b) of this subsection, an actuarial analysis shall be completed showing the Page 2 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN projected impact of the changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30) year period.
and[paragraph] (b) of this subsection, an actuarial analysis shall be completed showing the projected impact of the changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30) year period.
(e) A copy of the valuation, each[the five (5) year] actuarial investigation, and any analysis required by this subsection shall be forwarded electronically to the Legislative Research Commission within ten (10) days of receipt by the committee, and the Legislative Research Commission shall distribute the information received to the committee staff and co-chairs of any committee that has jurisdiction over the Judicial Form Retirement System.
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (e) A copy of the valuation, each[the five (5) year] actuarial investigation, and any analysis required by this subsection shall be forwarded electronically to the Legislative Research Commission within ten (10) days of receipt by the committee, and the Legislative Research Commission shall distribute the information received to the committee staff and co-chairs of any committee that has jurisdiction over the Judicial Form Retirement System.
A copy of the audit shall be sent to the Legislative Research Commission within ten (10) days of Page 3 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN receipt by the committee.
A copy of the audit shall be sent to the Legislative Research Commission within ten (10) days of receipt by the committee.
A sensitivity analysis that evaluates the impact of changes in system Page 4 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN assumptions, including but not limited to the investment return assumption, payroll growth assumption, and medical inflation rates, on employer contribution rates, funding levels, and unfunded liabilities.
A sensitivity analysis that evaluates the impact of changes in system assumptions, including but not limited to the investment return assumption, payroll growth assumption, and medical inflation rates, on employer contribution rates, funding levels, and unfunded liabilities.
3.
CHAPTER 165 3 3.
(e) For any change in actuarial assumptions, funding methods, retiree health insurance premiums and subsidies, or any other decisions made by the board Page 5 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN that impact system liabilities and actuarially recommended contribution rates for employers and that are not made in conjunction with the actuarial investigations[investigation] required by paragraph (c) of this subsection, an actuarial analysis shall be completed showing the projected impact of the changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30) year period.
(e) For any change in actuarial assumptions, funding methods, retiree health insurance premiums and subsidies, or any other decisions made by the board that impact system liabilities and actuarially recommended contribution rates for employers and that are not made in conjunction with the actuarial investigations[investigation] required by paragraph (c) of this subsection, an actuarial analysis shall be completed showing the projected impact of the changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30) year period.
Page 6 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN Section 3.
Section 3.
Page 7 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (c) 1.
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (c) 1.
(e) For any change in actuarial assumptions, funding methods, retiree health insurance premiums and subsidies, or any other decisions made by the board that impact system liabilities and actuarially recommended contribution rates for employers and that are not made in conjunction with the actuarial investigations[investigation] required by paragraph (c) of this subsection, an Page 8 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN actuarial analysis shall be completed showing the projected impact of the changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30)[twenty (20)] year period.
(e) For any change in actuarial assumptions, funding methods, retiree health insurance premiums and subsidies, or any other decisions made by the board that impact system liabilities and actuarially recommended contribution rates for employers and that are not made in conjunction with the actuarial investigations[investigation] required by paragraph (c) of this subsection, an actuarial analysis shall be completed showing the projected impact of the changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30)[twenty (20)] year period.
At least once in each two (2) year period, the board shall cause an Page 9 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN actuarial investigation to be made of all of the economic experience under the retirement system, including but not limited to the inflation rate, investment return, and payroll growth assumptions, relative to the economic assumptions and funding methods previously adopted by the board.
At least once in each two (2) year period, the board shall cause an actuarial investigation to be made of all of the economic experience under the retirement system, including but not limited to the inflation rate, investment return, and payroll growth assumptions, relative to the economic assumptions and funding methods previously adopted by the board.
Each[The] actuarial investigation shall include at a minimum a summary of the changes in actuarial assumptions and funding methods recommended in the investigation and the projected impact of the recommended changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30) year period.
Each[The] actuarial investigation shall include at a minimum a summary of the changes in actuarial assumptions and funding methods recommended in the investigation and the projected CHAPTER 165 5 impact of the recommended changes on funding levels, unfunded liabilities, and actuarially recommended contribution rates for employers over a thirty (30) year period.
A description of any changes in actuarial assumptions and methods from Page 10 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN the previous year's actuarial valuation;
A description of any changes in actuarial assumptions and methods from the previous year's actuarial valuation;
(2) Actuarial factors and actuarial cost factor tables in use by the retirement system for all purposes shall be determined by the actuary of the retirement system and approved by the board of trustees by resolution and implemented without the Page 11 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN necessity of an administrative regulation.
(2) Actuarial factors and actuarial cost factor tables in use by the retirement system for all purposes shall be determined by the actuary of the retirement system and approved by the board of trustees by resolution and implemented without the necessity of an administrative regulation.
(b) The employee entered active military service within three (3) months of his or her last day of paid employment;
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (b) The employee entered active military service within three (3) months of his or her last day of paid employment;
and Page 12 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (d) He or she returns to work with an employer participating in the system within two (2) years after completion of the period of active military duty, or upon the subsequent termination of any total disability which existed at the expiration of the two (2) years after discharge.
and (d) He or she returns to work with an employer participating in the system within two (2) years after completion of the period of active military duty, or upon the subsequent termination of any total disability which existed at the expiration of the two (2) years after discharge.
Not be credited to the member's account until the employer contributions Page 13 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN due and any interest or penalties on the delinquent employer contributions for the period of omitted service are received by the system.
Not be credited to the member's account until the employer contributions due and any interest or penalties on the delinquent employer contributions for the period of omitted service are received by the system.
If the member does not accrue at least six (6) months of service credit in a state-administered Page 14 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN retirement system, excluding service purchased under this subsection, then the payment plus interest as provided in KRS 16.560, 61.575, or 78.640 shall be refunded upon retirement, death, or written request following termination of employment.
If the member does not accrue at least six (6) months of service credit in a state-administered retirement system, excluding service purchased under this subsection, then the payment plus interest as provided in KRS 16.560, 61.575, or 78.640 shall be refunded upon retirement, death, or written request following termination of employment.
Any employee participating in one (1) of the state- administered retirement systems who is or has been employed by a school board or community action agency participating in the County Employees Retirement System or a state-operated school under KRS Chapter 167 or an institution of higher learning participating in the Kentucky Employees Retirement System, who receives service credit for less than twelve (12) months each year, may purchase the additional months of service credit needed to total one (1) year of service credit, except the amount purchased for any specific year shall not exceed three (3) months.
Any employee participating in one (1) of the state-administered retirement systems who is or has been employed by a school board or community action agency participating in the County Employees Retirement System or a state-operated school under KRS Chapter 167 or an institution of higher learning participating in the Kentucky Employees Retirement System, who receives service CHAPTER 165 7 credit for less than twelve (12) months each year, may purchase the additional months of service credit needed to total one (1) year of service credit, except the amount purchased for any specific year shall not exceed three (3) months.
(c) If the employee has purchased service credit under this subsection based on months reported by the employer for the fiscal year, and an audit of the employee's account reduces the number of months of service credit for which the employee is eligible to no fewer than nine (9) months, the employee shall retain credit for the months purchased unless the employee is ineligible for Page 15 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN any service in the fiscal year.
(c) If the employee has purchased service credit under this subsection based on months reported by the employer for the fiscal year, and an audit of the employee's account reduces the number of months of service credit for which the employee is eligible to no fewer than nine (9) months, the employee shall retain credit for the months purchased unless the employee is ineligible for any service in the fiscal year.
(b) State university service, provided the university does not participate in a state- administered retirement system and the university service being purchased was in a nonteaching position that did not participate in a defined benefit retirement program;
(b) State university service, provided the university does not participate in a state-administered retirement system and the university service being purchased was in a nonteaching position that did not participate in a defined benefit retirement program;
Page 16 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (c) 1.
(c) 1.
The employee may purchase out-of-state hazardous service under this subparagraph provided the employee is vested to receive benefits from the State Police Retirement System or hazardous duty benefits from the Kentucky Employees Retirement System or the County Employees Retirement System.
The employee may purchase out- of-state hazardous service under this subparagraph provided the employee is vested to receive benefits from the State Police Retirement System or hazardous duty benefits from the Kentucky Employees Retirement System or the County Employees Retirement System.
(e) National Guard service.
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (e) National Guard service.
Page 17 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (f) Federal service.
(f) Federal service.
(g) Seasonal, emergency, interim, probationary, or temporary employment or part- time employment as provided by KRS 61.510(21) or 78.510(21) averaging one hundred (100) or more hours of work per month on a calendar or fiscal year basis.
(g) Seasonal, emergency, interim, probationary, or temporary employment or part-time employment as provided by KRS 61.510(21) or 78.510(21) averaging one hundred (100) or more hours of work per month on a calendar or fiscal year basis.
Page 18 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN 1.
1.
(k) Urban-county government service, which means employment in an urban- county government position that would qualify for hazardous duty coverage under KRS 61.592 or 78.5520.
(k) Urban-county government service, which means employment in an urban-county government position that would qualify for hazardous duty coverage under KRS 61.592 or 78.5520.
(m) Service as a volunteer in the Kentucky Peace Corps, created by KRS 154.1- 720;
(m) Service as a volunteer in the Kentucky Peace Corps, created by KRS 154.1-720;
Provided the employee's participation date in the system is Page 19 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN prior to July 15, 2002, and provided the employee has total service in all state- administered retirement systems of at least one hundred eighty (180) months of service credit, the employee may purchase a combined maximum total of five (5) years of service credit, known as non-qualified service, which is not otherwise purchasable under any of the provisions of KRS 16.505 to 16.652, 61.510 to 61.705, or 78.510 to 78.852.
Provided the employee's participation date in the system is prior to July 15, 2002, and provided the employee has total service in all state-administered retirement systems of at least one hundred eighty (180) months of service credit, the employee may purchase a combined maximum total of five (5) years of service credit, known as non-qualified service, which is not otherwise purchasable under any of the provisions of KRS 16.505 to 16.652, 61.510 to 61.705, or 78.510 to 78.852.
The service purchased under this paragraph shall not be used in determining a retirement allowance until the member has accrued at least two hundred forty (240) months of service, excluding service purchased under this subsection.
The service purchased under this CHAPTER 165 9 paragraph shall not be used in determining a retirement allowance until the member has accrued at least two hundred forty (240) months of service, excluding service purchased under this subsection.
and (e) Service purchases as provided by subsections (5)(b), (5)(d) to (f), (5)(j)1., and Page 20 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (6) of this section may be purchased in any system in which the member has service credit.
and (e) Service purchases as provided by subsections (5)(b), (5)(d) to (f), (5)(j)1., and (6) of this section may be purchased in any system in which the member has service credit.
Page 21 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN 1.
1.
43 not otherwise provided for in this section, or grandfathered service as defined in paragraph (b) of this subsection;
43 not otherwise provided Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY for in this section, or grandfathered service as defined in paragraph (b) of this subsection;
(b) For purposes of this subsection, "grandfathered service" means service Page 22 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN purchases for which a member, whose membership date in the system is prior to July 1, 1999, is eligible to purchase under KRS 16.505 to 16.652, 61.510 to 61.705, or 78.510 to 78.852, that were available for all members of the system to purchase on August 5, 1997.
(b) For purposes of this subsection, "grandfathered service" means service purchases for which a member, whose membership date in the system is prior to July 1, 1999, is eligible to purchase under KRS 16.505 to 16.652, 61.510 to 61.705, or 78.510 to 78.852, that were available for all members of the system to purchase on August 5, 1997.
Page 23 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN 6.
6.
The employee shall pay the installments by payroll deduction for after- tax purchase of service agreements, and the employer shall pick up installments for before-tax purchase of service agreements.
The employee shall pay the installments by payroll deduction for after-tax purchase of service agreements, and the employer shall pick up installments for before-tax purchase of service agreements.
If the employee utilizing an installment purchase of service agreement dies, retires, does not continue employment in a position required to participate in the system, or elects to stop an after-tax installment purchase of service agreement, the member, or in the case of death, the beneficiary, shall have sixty (60) days to pay the remaining principal or a portion of the remaining principal of the installment purchase of service agreement by lump sum, subject to the restrictions of paragraph (a)1.
If the employee utilizing an installment purchase of service agreement dies, retires, does not continue employment in a position required to participate in the system, or elects to stop an after- tax installment purchase of service agreement, the member, or in the case of death, the beneficiary, shall have sixty (60) days to pay the remaining principal or a portion of the remaining principal of the installment purchase of service agreement by lump sum, subject to the restrictions of paragraph (a)1.
If the member or beneficiary does not pay the remaining cost, the system shall refund to the member or the beneficiary the payment, payments, or portion of a payment that does not represent a full month of service purchased, Page 24 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN except as provided by subsection (6) of this section.
If the member or beneficiary does not pay the remaining cost, the system shall refund to the member or the beneficiary the payment, payments, or portion of a payment that does not represent a full month of service purchased, except as provided by subsection (6) of this section.
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9.
CHAPTER 165 11 9.
(10) (a) The cost of purchasing service credit under any provision of this section, except as provided by subsections (1) to (3) of this section, shall be determined by multiplying the higher of the employee's current rate of pay, final rate of pay, or final compensation as of the end of the month in which the purchase is made times the actuarial factor times the number of years of Page 25 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN service being purchased.
(10) (a) The cost of purchasing service credit under any provision of this section, except as provided by subsections (1) to (3) of this section, shall be determined by multiplying the higher of the employee's current rate of pay, final rate of pay, or final compensation as of the end of the month in which the purchase is made times the actuarial factor times the number of years of service being purchased.
(d) Paragraphs (b) and (c) of this subsection shall not apply to a member who was bound by an educational contract as a conditional employee to the state of Kentucky prior to December 31, 2003, regardless of participation date or Page 26 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN membership date in the system.
(d) Paragraphs (b) and (c) of this subsection shall not apply to a member who was bound by an educational contract as a conditional employee to the state of Kentucky prior to December 31, 2003, regardless of participation date or membership date in the system.
(2) "Board" means the board of trustees of the system as provided in KRS 61.645;
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (2) "Board" means the board of trustees of the system as provided in KRS 61.645;
(5) "Employee" means the members, officers, and employees of the General Assembly and every regular full-time, appointed or elective officer or employee of a participating department, including the Department of Military Affairs.
(5) "Employee" means the members, officers, and employees of the General Assembly and every regular full- time, appointed or elective officer or employee of a participating department, including the Department of Military Affairs.
Page 27 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (6) "Employer" means a department or any authority of a department having the power to appoint or select an employee in the department, including the Senate and the House of Representatives, or any other entity, the employees of which are eligible for membership in the system pursuant to KRS 61.525;
(6) "Employer" means a department or any authority of a department having the power to appoint or select an employee in the department, including the Senate and the House of Representatives, or any other entity, the employees of which are eligible for membership in the system pursuant to KRS 61.525;
Page 28 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (12) "Accumulated contributions" at any time means the sum of all amounts deducted from the compensation of a member and credited to his individual account in the members' account, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4), together with interest credited, on such amounts and any other amounts the member shall have contributed thereto, including interest credited thereon.
(12) "Accumulated contributions" at any time means the sum of all amounts deducted from the compensation of a member and credited to his individual account in the members' account, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4), together with interest credited, on such amounts and any other amounts the member shall have contributed thereto, including interest credited thereon.
1.
CHAPTER 165 13 1.
Cases where compensation includes maintenance and other perquisites, Page 29 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN but the board shall fix the value of that part of the compensation not paid in money;
Cases where compensation includes maintenance and other perquisites, but the board shall fix the value of that part of the compensation not paid in money;
This subparagraph shall also include lump-sum payments for reinstated wages pursuant to KRS 61.569, which shall be credited to the period during which the wages were earned or should have been paid by the employer;
This subparagraph shall also include lump- sum payments for reinstated wages pursuant to KRS 61.569, which shall be credited to the period during which the wages were earned or should have been paid by the employer;
For employees who begin participating on or after August 1, 2016, Page 30 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN nominal fees paid for services as a volunteer;
For employees who begin participating on or after August 1, 2016, nominal fees paid for services as a volunteer;
If the number of months of service credit during the five (5) year period is less than forty-eight (48), one (1) or more additional fiscal years shall be used;
If the number of months of service credit during the five (5) year period is less than forty- eight (48), one (1) or more additional fiscal years shall be used;
(c) For a member who begins participating before September 1, 2008, who is employed in a hazardous position, as provided in KRS 61.592, the creditable Page 31 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN compensation of the member during the three (3) fiscal years he or she was paid at the highest average monthly rate divided by the number of months of service credit during that three (3) year period multiplied by twelve (12).
(c) For a member who begins participating before September 1, 2008, who is employed in a hazardous position, as provided in KRS 61.592, the creditable compensation of the member during the three (3) fiscal years he or she was paid at the highest average monthly rate divided by the number of months of service credit during that three (3) year period multiplied by twelve (12).
The three (3) years may be fractional and need not be consecutive.
The three (3) years may be Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY fractional and need not be consecutive.
If the number of months of service credit during the three (3) year period is less than twenty- four (24), one (1) or more additional fiscal years shall be used;
If the number of months of service credit during the three (3) year period is less than twenty-four (24), one (1) or more additional fiscal years shall be used;
Page 32 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (15) "Final rate of pay" means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4).
(15) "Final rate of pay" means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4).
The term shall also apply to assistants who Page 33 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN were employed by the General Assembly for at least one (1) regular legislative session prior to July 13, 2004, who elect to participate in the retirement system, and who serve for at least six (6) regular legislative sessions.
The term shall also apply to assistants who were employed by the General Assembly for at least one (1) regular legislative session prior to July 13, 2004, who elect to participate in the retirement system, and who serve for at least six (6) regular legislative sessions.
(d) Part-time positions which are positions which may be permanent in duration, but which require less than a calendar or fiscal year average of one hundred (100) hours of work per month, determined by using the number of months actually worked within a calendar or fiscal year, in the performance of duty;
CHAPTER 165 15 (d) Part-time positions which are positions which may be permanent in duration, but which require less than a calendar or fiscal year average of one hundred (100) hours of work per month, determined by using the number of months actually worked within a calendar or fiscal year, in the performance of duty;
(22) "Vested" for purposes of determining eligibility for purchasing service credit under KRS 61.552 means the employee has at least forty-eight (48) months of service if age sixty-five (65) or older or at least sixty (60) months of service if under the age Page 34 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN of sixty-five (65).
(22) "Vested" for purposes of determining eligibility for purchasing service credit under KRS 61.552 means the employee has at least forty-eight (48) months of service if age sixty-five (65) or older or at least sixty (60) months of service if under the age of sixty-five (65).
(28) "Level percentage of payroll amortization method" means a method of determining the annual amortization payment on the unfunded actuarial accrued liability as expressed as a percentage of payroll over a set period of years but that may be Page 35 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN converted to a dollar value for purposes of KRS 61.565(1)(d).
(28) "Level percentage of payroll amortization method" means a method of determining the annual amortization payment on the unfunded actuarial accrued liability as expressed as a percentage of payroll over a set period of years but that may be converted to a dollar value for purposes of KRS 61.565(1)(d).
Last day of paid employment does not mean a date the employee receives payment for accrued leave, whether by lump sum or otherwise, if that date occurs twenty-four (24) or more months after previous contributions;
Last day of paid employment does not mean a date the employee receives payment for accrued leave, whether by lump sum or otherwise, if that date occurs twenty- four (24) or more months after previous contributions;
Page 36 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN (35) "Month" means a calendar month;
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (35) "Month" means a calendar month;
(a) For members who began participating in the system prior to January 1, 2014, Page 37 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN the member's accumulated contributions;
(a) For members who began participating in the system prior to January 1, 2014, the member's accumulated contributions;
(a) In the case of a member who dies as a direct result of an act in line of duty as defined in KRS 16.505 or who dies as a result of a duty-related injury as defined in KRS 61.621, the higher of the member's monthly final rate of pay or the average monthly creditable compensation earned by the deceased Page 38 of 39 HB007620.100 - 341 - XXXX Engrossed UNOFFICIAL COPY 22 RS HB 76/EN member during his or her last twelve (12) months of employment;
(a) In the case of a member who dies as a direct result of an act in line of duty as defined in KRS 16.505 or who dies as a result of a duty-related injury as defined in KRS 61.621, the higher of the member's monthly final rate of pay or the average monthly creditable compensation earned by the deceased member during his or her last twelve (12) months of employment;
or (b) In the case where a member becomes totally and permanently disabled as a direct result of an act in line of duty as defined in KRS 16.505 or becomes disabled as a result of a duty-related injury as defined in KRS 61.621 and is eligible for the benefits provided by KRS 61.621(5)(a), the higher of the member's monthly final rate of pay or the average monthly creditable compensation earned by the disabled member during his or her last twelve (12) months of employment prior to the date the act in line of duty or duty- related injury occurred;
or (b) In the case where a member becomes totally and permanently disabled as a direct result of an act in line of duty as defined in KRS 16.505 or becomes disabled as a result of a duty-related injury as defined in KRS 61.621 and is eligible for the benefits provided by KRS 61.621(5)(a), the higher of the member's monthly final rate of pay or the average monthly creditable compensation earned by the disabled CHAPTER 165 17 member during his or her last twelve (12) months of employment prior to the date the act in line of duty or duty-related injury occurred;
Page 39 of 39 HB007620.100 - 341 - XXXX Engrossed
Signed by Governor April 8, 2022.
Legislative Research Commission PDF Version
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Action History

  1. signed by Governor (Acts Ch. 165)

  2. delivered to Governor

  3. enrolled, signed by President of the Senate

  4. enrolled, signed by Speaker of the House

  5. passed 92-1

  6. House concurred in Senate Committee Substitute (1) and committee amendment (1-title)

  7. posted for passage for concurrence in Senate Committee Substitute (1) and Committee Amendment (1-title)

  8. to Rules (H)

  9. received in House

  10. 3rd reading, passed 34-0 with Committee Substitute (1) and Committee Amendment (1-title)

  11. passed over and retained in the Consent Orders of the Day

  12. passed over and retained in the Consent Orders of the Day

  13. posted for passage in the Consent Orders of the Day for Wednesday, March 23, 2022

  14. 2nd reading, to Rules as a consent bill

  15. reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1) and Committee Amendment (1-title)

  16. to State & Local Government (S)

  17. to Committee on Committees (S)

  18. received in Senate

  19. 3rd reading, passed 97-0

  20. posted for passage in the Regular Orders of the Day for Wednesday, January 19, 2022

  21. 2nd reading, to Rules

  22. reported favorably, 1st reading, to Calendar

  23. to State Government (H)

  24. to Committee on Committees (H)

  25. introduced in House

  26. Prefiled by the sponsor(s).

Sponsors

  • J. Miller · Primary
  • C. Massey · Primary

Sponsorship breakdown

Export CSV (upgrade) →

2 sponsors · 0 co-sponsors · 136 not signed on

Sponsors (2)

  • J. Miller
  • C. Massey

Co-sponsors (0)

None.

Not signed on (136)

136 members have not signed on to this bill.

Show all 136 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Consider Motion

Passed 83 Yea · 0 Nay · 17 Other
Party YeaNayPresentNot Voting
Republican 50003
Unaffiliated 29009
Democrat 4005
Total 830017
% of votes cast 83%0%0%17%
How each member voted (100)
Member Party Vote
DuPlessis — Yea
Meredith — Yea
Santoro — Yea
Bechler — Yea
Fischer — Yea
Bentley — Yea
Minter — Yea
Sheldon — Yea
Nemes — Yea
Smith — Yea
Koenig — Yea
Palumbo — Yea
Thomas — Yea
Timoney — Yea
Pratt — Yea
Prunty — Yea
Graham — Yea
Webber — Yea
Massey — Yea
Dixon — Yea
Westrom — Yea
Donohue — Yea
Hatton — Yea
McCoy — Yea
Wheatley — Yea
Heath — Yea
Rowland — Yea
Raymond — Not Voting
Burch — Not Voting
Scott — Not Voting
Cantrell — Not Voting
Jenkins — Not Voting
Flood — Not Voting
Huff R — Not Voting
Kirk McCormick — Yea
Miller C — Not Voting
Miller J — Yea
Stevenson C — Not Voting
Al Gentry Democrat Yea
Ashley Tackett Laferty Democrat Not Voting
George Brown Jr. Democrat Yea
Keturah J. Herron Democrat Not Voting
Lisa Willner Democrat Yea
Mary Lou Marzian Democrat Not Voting
Nima Kulkarni Democrat Not Voting
Pamela Stevenson Democrat Not Voting
Tina Bojanowski Democrat Yea
Aaron Reed Republican Yea
Adam Bowling Republican Yea
Bill Wesley Republican Yea
Bobby McCool Republican Yea
Chris Freeland Republican Yea
Chris Fugate Republican Yea
DJ Johnson Republican Yea
Daniel Elliott Republican Yea
Daniel Fister Republican Yea
David Hale Republican Yea
David Meade Republican Yea
David W. Osborne Republican Yea
Deanna Gordon Republican Yea
Derek Lewis Republican Yea
Felicia Rabourn Republican Yea
James Tipton Republican Yea
Jason Petrie Republican Yea
Jennifer Decker Republican Yea
Jim Gooch Jr. Republican Yea
John Blanton Republican Yea
Josh Branscum Republican Yea
Josh Bray Republican Yea
Josh Calloway Republican Yea
Ken Fleming Republican Yea
Ken Upchurch Republican Yea
Kim Banta Republican Yea
Kim King Republican Yea
Kimberly Poore Moser Republican Not Voting
Mark Hart Republican Yea
Mary Beth Imes Republican Yea
Matt Lockett Republican Yea
Matthew Koch Republican Yea
Michael Sarge Pollock Republican Yea
Myron Dossett Republican Yea
Nancy Tate Republican Yea
Patrick Flannery Republican Yea
Randy Bridges Republican Yea
Richard White Republican Not Voting
Ryan Dotson Republican Yea
Samara Heavrin Republican Yea
Savannah Maddox Republican Yea
Scott Lewis Republican Yea
Scott Sharp Republican Yea
Shane Baker Republican Yea
Shawn McPherson Republican Yea
Steve Bratcher Republican Not Voting
Steve Riley Republican Yea
Steven Rudy Republican Yea
Suzanne Miles Republican Yea
T.J. Roberts Republican Yea
Thomas Huff Republican Yea
Timmy Truett Republican Yea
William Lawrence Republican Yea

Official roll call →

Final Passage

Passed 92 Yea · 1 Nay · 5 Other
Party YeaNayPresentNot Voting
Republican 50002
Unaffiliated 35102
Democrat 7001
Total 92105
% of votes cast 94%1%0%5%
How each member voted (98)
Member Party Vote
DuPlessis — Yea
Rowland — Yea
Bechler — Yea
Fischer — Yea
Meredith — Yea
Bentley — Yea
Jenkins — Yea
Santoro — Yea
Sheldon — Yea
Flood — Yea
Minter — Yea
Smith — Yea
Koenig — Yea
Nemes — Yea
Palumbo — Yea
Thomas — Yea
Timoney — Yea
Graham — Yea
Cantrell — Yea
Pratt — Yea
Prunty — Yea
Dixon — Yea
Hatton — Yea
Webber — Yea
Donohue — Yea
Heath — Yea
Massey — Yea
Raymond — Yea
McCoy — Yea
Wheatley — Yea
Scott — Nay
Burch — Not Voting
Westrom — Not Voting
Huff R — Yea
Kirk McCormick — Yea
Miller C — Yea
Miller J — Yea
Stevenson C — Yea
Al Gentry Democrat Yea
Ashley Tackett Laferty Democrat Yea
George Brown Jr. Democrat Yea
Keturah J. Herron Democrat Yea
Lisa Willner Democrat Not Voting
Mary Lou Marzian Democrat Yea
Nima Kulkarni Democrat Yea
Tina Bojanowski Democrat Yea
Aaron Reed Republican Not Voting
Adam Bowling Republican Yea
Bill Wesley Republican Yea
Chris Freeland Republican Yea
Chris Fugate Republican Yea
DJ Johnson Republican Yea
Daniel Elliott Republican Yea
Daniel Fister Republican Yea
David Hale Republican Yea
David Meade Republican Yea
David W. Osborne Republican Yea
Deanna Gordon Republican Yea
Derek Lewis Republican Yea
Felicia Rabourn Republican Yea
James Tipton Republican Yea
Jason Petrie Republican Yea
Jennifer Decker Republican Yea
Jim Gooch Jr. Republican Yea
John Blanton Republican Yea
Josh Branscum Republican Yea
Josh Bray Republican Yea
Josh Calloway Republican Yea
Ken Fleming Republican Yea
Ken Upchurch Republican Yea
Kim Banta Republican Yea
Kim King Republican Yea
Kimberly Poore Moser Republican Yea
Mark Hart Republican Yea
Mary Beth Imes Republican Yea
Matt Lockett Republican Yea
Matthew Koch Republican Yea
Michael Sarge Pollock Republican Yea
Myron Dossett Republican Yea
Nancy Tate Republican Yea
Patrick Flannery Republican Yea
Randy Bridges Republican Yea
Richard White Republican Not Voting
Ryan Dotson Republican Yea
Samara Heavrin Republican Yea
Savannah Maddox Republican Yea
Scott Lewis Republican Yea
Scott Sharp Republican Yea
Shane Baker Republican Yea
Shawn McPherson Republican Yea
Steve Bratcher Republican Yea
Steve Riley Republican Yea
Steven Rudy Republican Yea
Suzanne Miles Republican Yea
T.J. Roberts Republican Yea
Thomas Huff Republican Yea
Timmy Truett Republican Yea
William Lawrence Republican Yea

Official roll call →

PASS HB 76 w/ scs1 scat1

Passed 34 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 15000
Republican 17000
Democrat 2000
Total 34000
% of votes cast 100%0%0%0%
How each member voted (34)
Member Party Vote
Alvarado — Yea
Schickel — Yea
Turner — Yea
Schroder — Yea
McGarvey — Yea
Smith — Yea
Meredith — Yea
Southworth — Yea
Westerfield — Yea
Nemes — Yea
Thayer — Yea
Parrett — Yea
Thomas — Yea
Yates — Yea
Harper Angel — Yea
Gerald A. Neal Democrat Yea
Karen Berg Democrat Yea
Brandon J. Storm Republican Yea
Christian McDaniel Republican Yea
Danny Carroll Republican Yea
David P. Givens Republican Yea
Donald Douglas Republican Yea
Jared Carpenter Republican Yea
Jason Howell Republican Yea
Jimmy Higdon Republican Yea
Julie Raque Adams Republican Yea
Max Wise Republican Yea
Mike Wilson Republican Yea
Phillip Wheeler Republican Yea
Rick Girdler Republican Yea
Robby Mills Republican Yea
Robert Stivers Republican Yea
Robin L. Webb Republican Yea
Stephen West Republican Yea

Official roll call →

Pass

Passed 97 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 52000
Unaffiliated 37000
Democrat 8000
Total 97000
% of votes cast 100%0%0%0%
How each member voted (97)
Member Party Vote
DuPlessis — Yea
Jenkins — Yea
Santoro — Yea
Scott — Yea
Bechler — Yea
Fischer — Yea
Bentley — Yea
Minter — Yea
Sheldon — Yea
Smith — Yea
Koenig — Yea
Nemes — Yea
Flood — Yea
Palumbo — Yea
Thomas — Yea
Pratt — Yea
Timoney — Yea
Prunty — Yea
Burch — Yea
Graham — Yea
Massey — Yea
Raymond — Yea
Cantrell — Yea
Hatton — Yea
Heath — Yea
McCoy — Yea
Westrom — Yea
Dixon — Yea
Wheatley — Yea
Donohue — Yea
Rowland — Yea
Meredith — Yea
Huff R — Yea
Kirk McCormick — Yea
Miller C — Yea
Miller J — Yea
Stevenson C — Yea
Al Gentry Democrat Yea
Ashley Tackett Laferty Democrat Yea
George Brown Jr. Democrat Yea
Lisa Willner Democrat Yea
Mary Lou Marzian Democrat Yea
Nima Kulkarni Democrat Yea
Pamela Stevenson Democrat Yea
Tina Bojanowski Democrat Yea
Aaron Reed Republican Yea
Adam Bowling Republican Yea
Bill Wesley Republican Yea
Bobby McCool Republican Yea
Chris Freeland Republican Yea
Chris Fugate Republican Yea
DJ Johnson Republican Yea
Daniel Elliott Republican Yea
Daniel Fister Republican Yea
David Hale Republican Yea
David Meade Republican Yea
David W. Osborne Republican Yea
Deanna Gordon Republican Yea
Derek Lewis Republican Yea
Felicia Rabourn Republican Yea
James Tipton Republican Yea
Jason Petrie Republican Yea
Jennifer Decker Republican Yea
Jim Gooch Jr. Republican Yea
John Blanton Republican Yea
Josh Branscum Republican Yea
Josh Bray Republican Yea
Josh Calloway Republican Yea
Ken Fleming Republican Yea
Ken Upchurch Republican Yea
Kim Banta Republican Yea
Kim King Republican Yea
Kimberly Poore Moser Republican Yea
Mary Beth Imes Republican Yea
Matt Lockett Republican Yea
Matthew Koch Republican Yea
Michael Sarge Pollock Republican Yea
Myron Dossett Republican Yea
Nancy Tate Republican Yea
Patrick Flannery Republican Yea
Randy Bridges Republican Yea
Richard White Republican Yea
Ryan Dotson Republican Yea
Samara Heavrin Republican Yea
Savannah Maddox Republican Yea
Scott Lewis Republican Yea
Scott Sharp Republican Yea
Shane Baker Republican Yea
Shawn McPherson Republican Yea
Steve Bratcher Republican Yea
Steve Riley Republican Yea
Steven Rudy Republican Yea
Suzanne Miles Republican Yea
T.J. Roberts Republican Yea
Thomas Huff Republican Yea
Timmy Truett Republican Yea
William Lawrence Republican Yea

Official roll call →

Subjects

finance labor
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Frequently asked questions

What does HB 76 do?
Amend KRS 21.440, 61.670, 78.784, and 161.400 to require the Legislators' Retirement Plan, the Judicial Retirement Plan, the Kentucky Retirement Systems, the County Employees Retirement System, and the Teachers' Retirement System to perform an actuarial investigation of economic assumptions once every two years rather than once every five years while retaining a review of demographic assumptions once every five years; amend KRS 78.784 to require the County Employees Retirement System to provide a projection/analysis over a 30-year period rather than a 20-year period regarding projections in the annual actuarial valuation and as it relates to experience studies, assumption changes, and other changes made by the boards of each system; require the first actuarial investigation of economic assumptions to occur prior to 2023 actuarial valuations.
Who sponsors HB 76?
HB 76 is sponsored by J. Miller and C. Massey.
What is the current status of HB 76?
This bill has been enacted into law. Introduced October 20, 2021. Enacted.
Where can I track HB 76?
Track HB 76 free on One Click Politics — get push/email alerts when it moves.

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