SB 193/AA (BR 1447) - T. Philpot
AN ACT relating to retirement.
Amend KRS 6.500 to terminate the Legislators' Retirement Plan for new members effective July 14, 1998, terminate contributions and service credit accrual for prior or current members effective August 1, 1998, permit prior or current members to retain service credit for retirement or to take a refund of member contributions, specify that closing the plan to new members and service accruals will not affect the benefits of legislators already retired, provide for transfer of legislative retirement funds not needed for retirement purposes to the general fund; amend KRS 6.505 to conform; amend KRS 61.520 to terminate the General Assembly as a participant in the Kentucky Employees' Retirement System except for nonmember officers and employees; amend KRS 61.560 to terminate contributions by legislators to the Kentucky Employees' Retirement System, effective August 1, 1998; amend KRS 61.680 to close the Kentucky Employees' Retirement System and the Teachers' Retirement System to new members of the General Assembly, terminate contributions by current members of the General Assembly to KERS, CERS, SPRS, or the Teachers' Retirement System for legislative service, to permit legislative members to retain service credit earned prior to August 1, 1998, for eventual retirement, or permit refunds of member contributions with applicable interest, specify that benefits of former legislators retired under KERS, CERS, SPRS, or the Teachers Retirement System shall not be affected by the closing of these systems to participation by legislative service.
Jan 21-introduced in Senate
Jan 22-to State and Local Government (S)