Kentucky House Bill 505 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 20 2019 - 25% progression, died in committee
Action: 2019-02-21 - to State Government (H)
Pending: House State Government Committee
Text: Latest bill text (Introduced) [PDF]

Repeal, reenact, and amend KRS 161.550 to require employers to pay the full actuarially required contribution to Teachers' Retirement Systems; provide that for the employer rates payable on or after July 1, 2020, the unfunded liabilities shall be financed with a reduced payroll growth assumption so that by the 2025 valuation the level dollar amortization method is used; to prorate unfunded liability payments to each employer based upon the employer's average share of payroll over fiscal years 2015, 2016, and 2017; provide that employer funding requirements shall be determined using the entry age normal cost method, a five-year asset smoothing method, and assumptions adopted by the TRS board; define "normal cost" and "actuarially accrued unfunded liability contribution," and provide that local school districts shall pay 2% of pay towards the costs of new TRS members retirement benefits; amend KRS 161.400 to make conforming amendments; create a new section of KRS 78.510 to 78.852 to provide that CERS employer contribution rates shall not increase by more than 12% per year over the prior fiscal year from July 1, 2018, to June 30, 2028; provide that CERS rate increase limit is retroactive to July 1, 2018; include severability clause.

AN ACT relating to retirement system employer contribution rates.

Rep. Jerry Miller [R]

Date	Chamber	Action
2019-02-21	House	to State Government (H)
2019-02-20	House	introduced in House

Type	Source
Summary	https://apps.legislature.ky.gov/record/19RS/hb505.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/19RS/hb505/orig_bill.pdf