HB 739/FN/AA (BR 2030) - F. Rasche, H. Moberly, J. Draud, C. Miller
AN ACT relating to retired teachers and declaring an emergency.
Create a new section of KRS Chapter 161 to establish a supplemental retirement benefit plan in the Kentucky Teachers' Retirement System to be used when salaries of members exceed limits at time of retirement set by the federal Internal Revenue Code; create a new section of KRS Chapter 161 to authorize the system to implement a defined contribution plan for retirees who are reemployed in full-time positions covered by the system; create a new section to direct the commissioner of education to establish critical shortage areas of teaching; create a new section of KRS Chapter 161 to permit active members to roll over or transfer funds from another retirement plan qualified under Sections 401(a) and (k) of the Internal Revenue Code, subject to approval of the Internal Revenue Service (IRS); amend KRS 161.220 to define "full actuarial cost"; amend KRS 161.250 to define a member's appeal procedure; amend KRS 161.400 to clarify that all actuarial and actuarial cost factor tables shall be determined by the system's actuary with approval of the system's board of trustees; amend KRS 161.420 to define the funding available for the retiree health insurance plan and increase the amount of the state's current level of contributions that the board may allocate to fund the insurance plan; authorize the system to provide retirement benefit from compensation that exceeds limitations of Section 415 of the IRS Code; establish a defined contribution plan for retired members who are approved for reemployment in critical shortage positions; amend KRS 161.500 to prohibit members from receiving credit for service in more than one state-sponsored retirement plan; amend KRS 161.553 to establish the amortized payments that the state is obligated to appropriate to the system for cost-of living increases and sick leave obligations that occur during 2000-2002; amend KRS 161.605 to authorize the system's board to approve a limited number of retired members to reemployment in a full-time position covered by the system and declared to be a critical shortage position; amend KRS 161.620 to increase the minimum annual allowance for a year of service from $310 to $325 in 2000, and to $335 in 2001; provide for an ad hoc increase of 8/10 of one percent effective July 1, 2000, for all members retired at least one year and an ad hoc increase of one percent effective July 1, 2001, for all members retired at least one year; provide that member salaries in excess of IRS limitation may be qualified for retirement allowance payments under provisions of IRS; amend KRS 161.623 to authorize the actuary to determine the actuarial value of increase in annuity payment due to use of payments for unused sick leave at retirement; amend KRS 161.655 to increase the death benefit for retired members from $3000 to $5000 effective July 1, 2000; amend KRS 161.507, 161.510, 161.5465, 161.548, 161.549, 161.595, 161.607, and 161.675 to conform; repeal KRS 161.510; EMERGENCY.
HB 739 - AMENDMENTS
HCS/FN/AA - Retain original provisions; make technical corrections.
HCA (1, J. Stacy) - Provide a $5,000 life insurance policy for members of the Kentucky Teachers Retirement System who are retired for service or disability; provide a $2,000 life insurance policy for active members of the Kentucky Teachers Retirement System.
HFA (1, M. Treesh) - Retain original provisions, except permit retirees to serve as part-time faculty to teach up to nine hours instead of six hours a term without affecting their annuities.
HFA (2, M. Treesh) - Retain original provisions, except permit retirees to serve as part-time faculty to teach up to nine hours instead of six hours per term not to exceed twenty-four hours in a fiscal year without affecting their annuities.
HFA (3, M. Treesh) - Retain original provisions, except permit retirees to serve as part-time faculty to teach up to nine hours instead of six hours per term not to exceed twenty-one hours in a fiscal year without affecting their annuities.
HFA (4, F. Rasche) - Provide a $5,000 life insurance policy for members of the Kentucky Teachers Retirement System who are retired for service or disability; provide a $2,000 life insurance policy for active members of the Kentucky Teachers Retirement System.
SCS/AA - Retain original provisions of the bill but require that a board of trustees provide for reemployment of retired teachers under certain conditions; require that the retirement system provide a minimum $5,000 life insurance policy to retirees.
Feb 16-introduced in House
Feb 17-to Education (H)
Feb 18-posted in committee
Feb 24-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 25-2nd reading, to Rules
Feb 28-recommitted to Appropriations and Revenue (H)
Mar 6-posted in committee
Mar 13-reported favorably, to Rules with orginal Committee Substitute, and committee amendment (1)
Mar 14-floor amendments (1) (2) and (3) filed to Committee Substitute ; posted for passage in the Regular Orders of the Day for Wednesday, March 15, 2000
Mar 15-floor amendment (4) filed to Committee Substitute ; 3rd reading, passed 95-0 with Committee Substitute
Mar 16-received in Senate
Mar 21-to State and Local Government (S)
Mar 22-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 23-2nd reading, to Rules
Mar 27-posted for passage in the Consent Orders of the Day for Monday, March 27, 2000
Mar 29-3rd reading, passed 37-0 with Committee Substitute ; received in House; posted for passage for concurrence in Senate Committee Substitute ; House concurred in Senate Committee Substitute ; passed 94-0
Apr 11-enrolled, signed by each presiding officer, delivered to Governor
Apr 21-signed by Governor (Acts ch. 498)