HB 416 (BR 1031) - D. Graham
AN ACT relating to retirement.
Amend various sections of KRS Chapters 16, 36 61 and 78 to clarify that the accumulated contributions of the member shall not include funds contributed for retiree health benefits by employees who begin participating on or after September 1, 2008; clarify that the fiscal year shall be used for determining contribution and benefit limits under the federal tax code; ensure actuarial equivalence of all retirement payment options; define membership date; make technical amendments; provide that the funds contributed for retiree health benefits by employees who begin participating on or after September 1, 2008 shall be placed in a separate account within the pension funds; clarify that these funds shall not be deposited into the member contribution account; allow a beneficiary to receive benefits regardless of whether or not the member and employer filed the appropriate forms upon the member entering the retirement systems; require a deceased member's estate to take lump-sum payments rather than a monthly payment; amend KRS 61.541 to remove language relating to the estimation of the salary used for retirement purposes by fee officers; amend KRS 61.552 to allow an employee to separate service purchases on a new installment payment plan with the systems that were grouped under a previous installment payment plan; allow the employee to pay off a portion of the service purchase contract if payments on the contract have been stopped; remove language related to the purchase of service as a Domestic Relations Commissioner that expired December 31, 2002; amend KRS 61.565 to change the start date of the amortization period for amortizing the actuarially accrued unfunded liabilities from 1990 to 2007; amend KRS 61.590 to establish time limits for completion of retirement forms; amend KRS 61.615 to rewrite the process, benefits, and penalties for disability recipients returning to work; clarify and establish requirements for the application for reinstatement of disability benefits; amend KRS 61.623 to require the recipient to complete direct deposit forms rather than requiring both the recipient and the financial institution to complete the forms and to remove provisions providing for the disbursement of a paper check under certain conditions that expired December 31, 2008; amend KRS 61.630 to clarify that a deceased member's estate must take a lump-sum payment on the remaining payments due the member; amend KRS 61.645 to clarify who is eligible to vote in trustee elections and to specify that a system employee cannot be a trustee of the board; amend KRS 61.675 and 78.625 to clarify the date agency reports and contributions are due at the system's office; amend KRS 61.701 to clarify federal tax code references and specific purposes of the health insurance trust; amend KRS 61.702 to establish that the employee contribution for retiree health benefits applicable to employees who begin participating in the systems on or after September 1, 2008, shall be placed in a 401(h) trust rather than the insurance trust fund, clarify compliance with federal code requirements; clarify payments of health benefits to nonhazardous line of duty disability and death recipients; amend KRS 61.705 to allow payment of $5,000 death benefit to a licensed funeral home and to make technical amendments; amend KRS 16.645 and 78.545 to conform; repeal KRS 61.626 relating to transfer of contributions of a member the systems cannot locate.
HB 416 - AMENDMENTS
HCS - Retain original provisions and make technical corrections.
SCS - Retain original provisions; amend KRS 61.615 to restore the original language regarding reemployment of a person receiving disability benefits, to restore references to a "reduced" disability benefit, and to restore language relating to appeals to court if a person fails to request a formal hearing when their disability benefits are discontinued; amend KRS 61.645 to prohibit a former employee of Kentucky Retirement Systems from serving on the board of trustees of the systems.
Feb 11-introduced in House
Feb 12-to State Government (H)
Feb 13-posted in committee
Feb 23-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 24-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Wednesday, February 25, 2009
Feb 26-taken from the Regular Orders of the Day; placed in the Consent Orders of the Day for Friday, February 27, 2009
Feb 27-3rd reading, passed 93-0 with Committee Substitute
Mar 2-received in Senate
Mar 4-to State & Local Government (S)
Mar 9-taken from committee; 1st reading; returned to State & Local Government (S)
Mar 10-taken from committee; 2nd reading; returned to State & Local Government (S)
Mar 11-reported favorably, to Rules as a Consent bill with Committee Substitute
Mar 13-posted for passage in the Consent Orders of the Day for; 3rd reading, passed 38-0 with Committee Substitute ; received in House; posted for passage for concurrence in Senate Committee Substitute ; House concurred in Senate Committee Substitute ; passed 92-0; enrolled, signed by each presiding officer; delivered to Governor
Mar 24-signed by Governor (Act ch. 77)