KY SB249 | 2020 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 8 2020 - 100% progression
Action: 2020-04-08 - signed by Governor (Acts Ch. 82)
Text: Latest bill text (Enrolled) [PDF]

Summary

Amend KRS 61.565 to reset amortization period to a new 30-year period effective with the 2019 valuation; establish layered amortization method by requiring any increase or decrease in actuarially accrued liability after the 2019 valuation to be amortized over separate 20-year closed periods beginning with the valuation in which the increase or decrease is first recognized; amend KRS 61.510 to remove the definition of "level dollar amortization method" and define "level percentage of payroll amortization method"; provide that Kentucky Retirement Systems shall amend the 2019 actuarial valuation in accordance with the amendments to KRS 61.565 in this Act and provide updated employer contributions to the Governor and General Assembly; provide that CERS employer rate phase in is paused for one year period; EMERGENCY.

Tracking Information

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Title

AN ACT relating to retirement and declaring an emergency.

Sponsors


Roll Calls

2020-04-01 - Senate - Senate: Third Reading W/hfa3, hfta4 FINAL PASSAGE RSN# 1430 (Y: 33 N: 0 NV: 0 Abs: 5) [PASS]
2020-04-01 - House - House: Third Reading RCS# 327 (Y: 89 N: 1 NV: 0 Abs: 10) [PASS]
2020-03-17 - Senate - Senate: Third Reading RSN# 1349 (Y: 34 N: 0 NV: 0 Abs: 4) [PASS]

History

DateChamberAction
2020-04-08Senatesigned by Governor (Acts Ch. 82)
2020-04-01Senatedelivered to Governor
2020-04-01Senateenrolled, signed by Speaker of the House
2020-04-01Senateenrolled, signed by President of the Senate
2020-04-01Senatepassed 33-0
2020-04-01SenateSenate concurred in House floor amendments (3) and (4-title)
2020-04-01Senateposted for passage for concurrence in House floor amendments (3) and (4-title)
2020-04-01Senateto Rules (S)
2020-04-01Senatereceived in Senate
2020-04-01House3rd reading, passed 89-1 with floor amendments (3) and (4-title)
2020-04-01Housefloor amendments (3) and (4-title) filed
2020-04-01Houseplaced in the Orders of the Day for Wednesday, April 1, 2020
2020-04-01Housetaken from Rules (H)
2020-03-26Housefloor amendment (1) filed to Committee Substitute , floor amendment (2-title) filed to bill
2020-03-19Housereported favorably, 2nd reading, to Rules with Committee Substitute (1)
2020-03-18Houseposting waived
2020-03-18Houseto Appropriations & Revenue (H)
2020-03-18House1st reading
2020-03-18Housetaken from Committee on Committees (H)
2020-03-18Housereceived in House
2020-03-17Senate3rd reading, passed 34-0
2020-03-17Senateposted for passage in the Consent Orders of the Day for Tuesday, March 17, 2020
2020-03-12Senate2nd reading, to Rules
2020-03-11Senatereported favorably, 1st reading, to Consent Calendar
2020-03-05Senateto State & Local Government (S)
2020-03-03Senateintroduced in Senate

Subjects


Kentucky State Sources


Bill Comments

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