Summary of Original Version

Amend KRS 16.578 and 61.640 to apply the alternate death benefit calculation options as written prior to 2009 legislation for deaths occurring prior to retirement; amend KRS 61.540 to remove requirement that the employer and member must file a statement of facts before benefit payments can commence; amend KRS 61.598 to provide that the ten percent cap on creditable compensation growth during a member's last five years of employment shall not apply to situations where the growth in excess of ten percent during the entire five-year period results in a benefit change of less than $25 per month; provide that the implementation date of the amendments to 2017 Ky. Acts ch. 32, sec. 9(28) by the Kentucky Retirement Systems shall be December 1, 2019; provide that the amendments to KRS 16.578 and 61.640 are retroactive to JUNE 25, 2009.

Summary of Amendment: House Committee Substitute 1

Summary Amend KRS 16.578 and 61.640 to apply the alternate death benefit calculation options as written prior to 2009 legislation for deaths occurring prior to retirement; amend KRS 61.540 to remove requirement that the employer and member must file a statement of facts before benefit payments can commence; amend KRS 61.542 to allow a retiree to elect to change his or her beneficiary at any time, if the retiree has selected upon retirement a basic monthly annuity payment as defined in the subsection, a period certain payment option under KRS 61.635(5) to (7), or the Social Security adjustment option without survivorship rights under KRS 61.635(8)(a); require a retiree to file a beneficiary change form prescribed by the Kentucky Retirement Systems with the retirement office; provide that a retiree may change his or her actual monthly payment option only upon marriage or remarriage and only if he or she files a beneficiary change form within 120 days of marriage or remarriage designating the new spouse as beneficiary and selecting a survivorship payment option under KRS 61.635(2) to (4) and (8)(b), with the resulting payments being actuarially equivalent to the retirement allowance provided at the date of the original retirement; amend KRS 61.545 to provide that if a member is working in a regular full-time hazardous duty position that participates in the Kentucky Employees Retirement System or the County Employees Retirement System and is simultaneously employed in a nonhazardous position that is not considered regular full-time with a different participating employer, the member may elect within 30 days of taking employment to not participate in the system for his or her employment in the nonhazardous position; amend KRS 61.590 to make conforming and technical amendments; amend KRS 61.598 to provide that the ten percent cap on creditable compensation growth during a member's last five years of employment shall not apply to situations where the growth in excess of ten percent during the entire five-year period results in a benefit change of less than $25 per month; amend KRS 61.615, and 61.630 to make conforming and technical amendments; amend KRS 61.680 to make a conforming amendment; amend KRS 161.520 to provide that a surviving spouse's benefits may continue upon remarriage; provide that the amendments to KRS 16.578 and 61.640 are retroactive to JUNE 25, 2009; provide that members who retired prior to the effective date of the Act, who were married or remarried prior to the effective date of the Act and remain married or remarried to the same spouse, shall have 120 days from the effective date of the Act to select a survivorship option for their spouse under the Act; specify that the amendment to KRS 61.545 of the Act shall only apply to prospective nonhazardous employment occurring on or after the effective date of the Act; provide that the implementation date of the amendments to 2017 Ky. Acts ch. 32, sec. 9(28) by the Kentucky Retirement Systems shall be December 1, 2019.

Summary of Amendment: House Committee Amendment 1 -- J. Miller

Summary Make title amendment.

Statutes affected:
Introduced: 16.578, 61.540, 61.598, 61.640
Acts Chapter 96: 16.578, 61.540, 61.542, 61.545, 61.590, 61.598, 61.615, 61.630, 61.640, 61.680, 161.520
House Committee Substitute 1: 16.578, 61.540, 61.542, 61.545, 61.590, 61.598, 61.615, 61.630, 61.640, 61.680, 161.520
Current: 16.578, 61.540, 61.542, 61.545, 61.590, 61.598, 61.615, 61.630, 61.640, 61.680, 161.520