Summary of Original VersionCreate separate retirement benefit, disability benefit, retiree health benefit, and other benefit statutes for the County Employees Retirement System (CERS) apart from the Kentucky Retirement Systems (KRS) as provided in intent language of HB 484 during the 2020 Regular Session; amend KRS 16.505 and 61.510 to amend definition of "retirement office," make conforming amendments, and remove language that was voided due to a court ruling; amend KRS 78.635 to include changes from SB 249 from the 2020 Regular Session regarding amortization of unfunded liabilities that were not included in HB 484; amend KRS 61.645 and 78.782 to provide that appointments by the Governor to the KRS or CERS board shall be made at least 30 days prior to the seat becoming vacant and to provide that each board may request that specific items be included in overall KPPA adm. budget; repeal, reenact, and amend KRS 61.5955 to remove language that was voided due to a court ruling and restore prior statute language and to conform to a recent private letter ruling from the federal government regarding this section; repeal, reenact, and amend KRS 61.552 regarding service purchase statute to clean up provisions and to add service purchase provisions from other statutes that are being repealed in the bill; repeal, reenact, and amend KRS 61.702 to separate CERS from KRS retiree health benefit provisions that are now included in a new section of the bill and to clean up provisions; amend KRS 16.642, 61.650, 61.701, and 78.790 to allow KRS and CERS to use the existing registration of assets in order to avoid additional expenses and make conforming and technical amendments; amend KRS 61.505 that creates the Kentucky Public Pensions Authority (KPPA) to allow the KPPA to file adm. regulations, allow the KPPA to hire a chief investment officer and deputy chief investment officer outside of the KRS Chapter 18A requirements, and require the KPPA to submit a budget for approval during the biennial budgeting process; amend numerous statutes to make technical, clarifying, and conforming amendments and to remove language voided due to a court ruling; repeal KRS 61.5956 since the statute was voided due to a court ruling; repeal KRS 61.555 and 61.5525 since these provisions are now included in KRS 61.552 in the bill; specify that no provision of this Act shall increase or decrease benefits; specify that no provision of this Act shall limit the General Assemblyâs authority held prior to the Act; provide that the CERS board created by HB 484 may meet but not take action prior to April 1, 2021; provide that current KRS Executive Director shall serve as the KPPA Executive Director until a permanent replacement is determined; EMERGENCY.
Summary of Amendment: House Floor Amendment 1 -- S. RudySummary
Retain original provisions except to: provide that the chief executive officer of the Kentucky Retirement Systems (KRS) board and the chief executive officer of the County Employees Retirement System (CERS) board may call a special meeting of their respective board rather than the executive director of the Kentucky Public Pensions Authority (KPPA); provide that an additional function of the KPPA is to provide contract management for administrative services; and to make technical and conforming amendments.
Statutes affected: Introduced: 78.616, 78.630, 78.640, 78.650, 16.505, 16.543, 16.555, 16.645, 16.576, 16.577, 16.582, 16.583, 18A.245, 21.372, 21.374, 21.460, 61.5955, 61.526, 61.540, 61.542, 61.543, 61.545, 61.550, 61.559, 61.575, 61.580, 61.595, 61.597, 61.598, 61.600, 61.605, 61.607, 61.621, 61.652, 61.660, 61.665, 61.680, 61.690, 61.691, 61.705, 16.642, 61.557, 161.155, 161.675, 164.952
Acts Chapter 102: 78.616, 78.630, 78.640, 78.650, 16.505, 16.543, 16.555, 16.645, 16.576, 16.577, 16.582, 16.583, 18A.245, 21.372, 21.374, 21.460, 61.5955, 61.526, 61.540, 61.542, 61.543, 61.545, 61.550, 61.559, 61.575, 61.580, 61.595, 61.597, 61.598, 61.600, 61.605, 61.607, 61.621, 61.652, 61.660, 61.665, 61.680, 61.690, 61.691, 61.705, 16.642, 61.557, 161.155, 161.675, 164.952
Current: 78.616, 78.630, 78.640, 78.650, 16.505, 16.543, 16.555, 16.645, 16.576, 16.577, 16.582, 16.583, 18A.245, 21.372, 21.374, 21.460, 61.5955, 61.526, 61.540, 61.542, 61.543, 61.545, 61.550, 61.559, 61.575, 61.580, 61.595, 61.597, 61.598, 61.600, 61.605, 61.607, 61.621, 61.652, 61.660, 61.665, 61.680, 61.690, 61.691, 61.705, 16.642, 61.557, 161.155, 161.675, 164.952