Summary of Original Version

Amend KRS 61.522 that is effective until April 1, 2021, and effective on or after April 1, 2021, so that Kentucky Employees Retirement System employers who are voluntarily ceasing participation in the system may make multiple lump-sum payments by the set due date and to receive interest credit for early payment; EMERGENCY.

Summary of Amendment: House Floor Amendment 1 -- DJ Johnson

Summary Retain original provisions; add noncodified language authorizing Northern Kentucky University (NKU) to issue bonds in FY 2021 not exceeding $320 million for the costs of ceasing participation in the Kentucky Employees Retirement System (KERS), authorize the Kentucky Asset/Liability Commission to issue notes to finance NKU bonds, and provide that notes issued have maturity of up to 30 years; APPROPRIATION

Summary of Amendment: House Floor Amendment 2 -- DJ Johnson

Summary Make title amendment.

Summary of Amendment: House Floor Amendment 3 -- J. Tipton

Summary Retain original provisions; amend KRS 61.522 to provide that the discount rate for universities who voluntary cease participating in KERS with the soft freeze option and pay by lump-sum shall be 4.5%.