KY HB424 | 2012 | Regular Session

Kentucky House Bill 424 (Prior Session Legislation)

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 21 2012 - 25% progression, died in chamber
Action: 2012-03-22 - WITHDRAWN
Text: Latest bill text (Draft #2) [MS Word]

Summary

Amend KRS 161.290 to require other public employers besides school districts to provide paid leave to teacher trustees serving on the Kentucky Teachers' Retirement System board; amend KRS 161.430 to allow the Kentucky Teachers' Retirement System board to contract with one or more general investment consultants; remove references to the book value of assets in regards to limitations on funds managed internally by system's investment staff; remove the requirement that the board investment committee consist of the executive secretary of the system and two trustees; require system's staff to be subject to fiduciary requirements applicable to board members and investment consultants and managers; make technical amendments; amend KRS 161.470 to make technical amendments; amend KRS 161.480 to automatically designate a Kentucky Teachers' Retirement System member's spouse as beneficiary for an active member's account balance upon employment until changed by the member; declare the member's spouse as beneficiary of the active member's account balance in the event all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.545 to provide that full-time sabbatical leave by university staff participating in the Kentucky Teachers' Retirement System shall be deemed full-time employment for retirement purposes and to require employee and employer contributions to be paid during the period of sabbatical leave; amend KRS 161.560 to authorize the Kentucky Teachers' Retirement System to promulgate administrative regulations to require more frequent submission of annual reports by participating employers; amend KRS 161.605 to allow the commissioner of education to pay reemployed retirees in excess of statutory maximums if the commissioner deems that the employees have the necessary experience to provide services and support to persistently low-achieving schools as provided by KRS 160.346; amend KRS 160.612 to reduce the $500 minimum monthly disability benefit by benefit payments from all state-administered retirement systems for part-time employees participating in the Kentucky Teachers' Retirement System who apply for disability benefits on or after July 1, 2012; amend KRS 161.643 to authorize Kentucky Teachers' Retirement System to require more frequent submission of annual reports on reemployed employees by participating employers; amend KRS 161.650 to automatically designate a Kentucky Teachers' Retirement System member's spouse as beneficiary for a retired member's account remaining account balance at the time of death unless changed by the member; declare the member's spouse as beneficiary of the retired member's remaining account balance in the event all named beneficiaries predecease the retired member or the member fails to name a beneficiary for the account balance; amend KRS 161.655 to automatically designate a Kentucky Teachers' Retirement System member's spouse as beneficiary for the life insurance benefit available to active and retired members unless changed by the member; declare the member's spouse as beneficiary of the life insurance benefit available to active and retired members if upon the death of the member all named beneficiaries predecease the member or the member fails to name a beneficiary; amend KRS 161.661 to provide that members who begin participating on or after July 1, 2012, shall not be eligible for a disability benefit if they are eligible for any unreduced benefit and that they shall have their $500 minimum monthly disability benefit reduced by benefit payments from all state-administered retirement systems; EMERGENCY.

Title

AN ACT relating to retirement and declaring an emergency.

History

Date	Chamber	Action
2012-03-22		WITHDRAWN
2012-03-01		floor amendment (1) filed
2012-02-29		posted for passage in the Regular Orders of the Day for Thursday, March 1, 2012
2012-02-29		2nd reading, to Rules
2012-02-28		reported favorably, 1st reading, to Calendar
2012-02-23		posted in committee
2012-02-22		to Education (H)
2012-02-21		introduced in House