07RS HB331

HB331

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.


HB 331/AA (BR 1045) - B. Farmer

     AN ACT relating to retirement.
     Establish Chapter 18B and create new sections thereof to establish a defined contribution retirement plan for employees hired on or after July 1, 2009, by an agency participating in the Kentucky Employees Retirement System, the County Employees Retirement System, the State Police Retirement System, and the Kentucky Teachers' Retirement System; create a new section of KRS Chapters 61 and 161 to clarify that employees hired on or after July 1, 2009, shall participate in the defined contribution retirement plan; allow an employee participating in the Kentucky Employees Retirement System, the County Employees Retirement System, the State Police Retirement System, or the Kentucky Teachers' Retirement System before July 1, 2009, to make an irrevocable election to participate in the defined contribution retirement plan and transfer their accumulated account balance; amend KRS 18A.245 to expand duties of the Kentucky Deferred Compensation Authority Board of Trustee's to include administration of the defined contribution retirement plan and allow the board to promulgate administrative regulations for administration of the plan; amend KRS 61.410 to clarify Social Security coverage for employees hired on or after July 1, 2009, by an agency participating in the Kentucky Teachers' Retirement System; amend KRS 16.520, 16.645, 61.525, 78.540, 78.545, 161.470, 61.543, 61.552, 78.530, 78.532, and 78.615 to conform; require the board of the defined contribution plan to report to the Interim Joint Committee on State Government no later than October 31, 2007.

     Feb 7-introduced in House
     Feb 12-to State Government (H)


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