HB 532/FN/AA (BR 1900) - F. Curd, Ro. Adams, S. Alexander, J. Barrows, B. Colter, C. Hoffman, A. Maricle, T. McKee, R. Murgatroyd, M. Rader, J. Richards, D. Sims, B. Yonts
AN ACT relating to teachers' retirement and declaring an emergency.
Amend KRS 161.655, relating to the Kentucky Teachers' Retirement System, to increase the death benefit payment from $2800 to $3000 for retired members and to require the employer to meet the full acturarial cost of including sick leave payments to make additional payments in the calculation of retiree annuities;amend KRS 161.220 to define "final average salary" for members with 27 years of service and at least 55 years of age as the three-year final average salary, to exclude salary supplements of distinguished educators from the calculation of "annual compensation", and define "fiscal year" as 261 days; amend KRS 161.310 to provide that employers who offer incentive retirement plans shall make full payment to the system for all actuarial obligations that occur as a result of the retirement incentive payments; amend KRS 161.340 to relieve the employees of the system from registering as lobbyists; amend KRS 161.420 to provide that the board of trustees may allocate up to a maximum of 1.65% of the 3.25% of the state appropriation to the medical insurance fund; limit the system's voluntary IRS 403(b) tax sheltered plan to retired members who are currently receiving lifetime annuity payments; amend KRS 161.500 to provide that service credit may not exceed the ratio between the school or fiscal year and the number of months or fraction of a month the member is employed during the year; amend KRS 161.545 to repeal the authority to purchase one-half time service if performed in the 2 years immediately preceding membership in the system; amend KRS 161.553 to include the 1998-2000 cost of living increases; amend KRS 161.597 to permit the collection of installment payments by electronic fund transfer as well as payroll deduction; amend KRS 161.605 to clarify the limit on retirees who teach in universities and to reduce the employer's contribution for part-time retirees; amend KRS 161.620 to simplify calculation of annuities, increase the minimum value of service from $260 to $300 effective July 1, 1998 and from $300 to $310 effective July 1, 1999, and provide a one-time increase to all persons retired at least one year equal to 1.5% of current annuity in 1998 and 1999; amend KRS 161.640 to require that all new retirees on or after July 1, 1998 receive their monthly annuity checks by electronic fund transfer; amend KRS 161.675 to require the board to provide health insurance to eligible retirees age 65 and above and provide that the board may provide health insurance for retirees under age 65; clarify that retired teachers may participate in the same insurance plans offered to active and retired state employees; amend KRS 18A.225 and 161.550 to conform; EMERGENCY.
HB 532 - AMENDMENTS
HCS/FN/AA - Retain original provisions; permit current employees of the Workforce Development Cabinet to continue existing coverage with the Kentucky Teachers' Retirement System, including exemption from Social Security participation; provide that current faculty at the community colleges would continue to participate in retirement plans provided by the Kentucky Community and Technical College System, including membership in the Kentucky Teachers' Retirement System, if offered; provide an additional 1.5% cost of living adjustment to retired members in each year of the next biennium; provide an appropriation schedule to cover the allowance for accumulated sick leave for 1998-99 and the next two years; provide that members of the Kentucky Teachers' Retirement System who have at least 20 years' service credit may purchase up to five years of previously unqualified service by paying 100% of the cost.
HFA (1/AA, B. Colter) - Provide that members of the Teachers' Retirement System who have at least 240 mos. of service credit may purchase up to five years of previously unqualified service by paying 100% of the cost
HFA (2, B. Colter) - Provide that the members of the Teachers' Retirement System who have at least 20 years of service credit may purchase up to five years of previously unqualified service by paying 100% of the actuarial cost.
HFA (3, F. Curd) - Delete the provision that allows the system to prorate payments for sick leave if funds to cover the full actuarial costs are not available.
SCA (1, B. Bailey) - Make technical corrections.
SFA (2, W. Blevins) - Require that the provisions related to local school districts' incentive plans not apply to districts having plans prior to December 31, 1997, and teachers who retire on or before July 1, 1998.
SFA (3, W. Blevins) - Provide that retirement incentive plans that were initially adopted by local boards of education prior to December 31, 1997, and renewed in subsequent years shall be exempt from provisions in Section 3 dealing with incentive programs.
SFA (4, L. Casebier) - Make technical correction concerning the exclusion of salary supplements from the calculation of annual compensation for a member serving as a distinguished educator.
SFA (5, P. Herron Jr) - Exempt those local boards of education that adopted retirement incentive plans on or prior to May 31, 1998 and renew them in subsequent years from provisions relating to incentive plans.
Feb 6-introduced in House
Feb 9-to Education (H)
Feb 10-floor amendment (1) filed
Feb 12-posted in committee
Feb 19-floor amendment (2) filed
Feb 25-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 26-2nd reading, to Rules; recommitted to Appropriations and Revenue (H)
Mar 4-posting waived
Mar 12-reported favorably, to Rules; posted for passage in the Regular Orders of the Day for March 13, 1998
Mar 13-floor amendment (3) filed to Committee Substitute
Mar 16-3rd reading, passed 86-0 with Committee Substitute and floor amendments (2) and (3)
Mar 17-received in Senate
Mar 18-to Appropriations and Revenue (S)
Mar 23-floor amendment (2) filed; reported favorably, 1st reading, to Calendar with committee amendment (1)
Mar 24-2nd reading, to Rules
Mar 25-floor amendment (3) filed
Mar 26-floor amendments (4) and (5) filed; posted for passage in the Regular Orders of the Day for March 27, 1998
Mar 27-3rd reading,; floor amendments (3) and (5) defeated; passed 31-0 with committee amendment (1) and floor amendments (2) and (4); received in House; posted for passage for concurrence in Senate amendments
Mar 31-House concurred in Senate committee amendment (1) and floor amendments (2) and (4); passed 91-0
Apr 1-enrolled, signed by each presiding officer, delivered to Governor
Apr 13-signed by Governor