12RS SB27
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SB27

12RS

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SB 27/AA (BR 240) - J. Higdon, J. Bowen

     AN ACT relating to retirement and declaring an emergency.
     Amend KRS 6.505 to close the Legislators' Retirement Plan to legislators who have not previously participated in the plan and who begin their first term of office on or after July 1, 2012; create new sections of KRS Chapter 6 to establish the Legislators' Defined Contribution Plan for legislators who begin their first term of office on or after July 1, 2012; provide that the plan shall be administered by the Kentucky Deferred Compensation Authority; allow the authority to utilize plans already established or to establish new plans to administer the Legislators' Defined Contribution Plan; provide an employer match of up to five percent of the legislator's wages; provide that a legislator participating in the plan shall be vested for employer contributions on a sliding scale that fully vests the legislator for the employer contributions at six years; provide that the benefits provided by the Legislators' Defined Contribution Plan shall not constitute an inviolable contract of the Commonwealth; amend KRS 18A.245 to establish responsibilities of the board of the Kentucky Deferred Compensation Authority to administer the Legislators' Defined Contribution Plan; amend KRS 61.510 governing the Kentucky Retirement Systems to clarify that a legislator who begin his or her first term of office on or after July 1, 2012, shall not participate in these plans as a result of service in the General Assembly; EMERGENCY.

     (Prefiled by the sponsor(s).)

     Jan 3-introduced in Senate; to State & Local Government (S)
     Mar 5-taken from State & Local Government (S); 1st reading; returned to State & Local Government (S)


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