HB 461/AA (BR 1359) - F. Rasche, T. Edmonds
AN ACT relating to retired teachers.
Amend KRS 161.220 to include as members of the Kentucky Teachers' Retirement System employees of the Kentucky Department of Education whose job description permits the substitution of experience for graduation from a 4 year college or university; amend KRS 161.250 to prohibit annuitants of the retirement system from being lay trustees; amend KRS 161.310 to provide that any payment made by the employer to a member on the condition that the member terminate employment shall be deemed a retirement incentive if the member retires within 6 months following the termination in employment; amend KRS 161.340 to require the board of trustees to contract for commodities; amend KRS 161.480 to provide that if a member fails to designate a beneficiary, the member's estate shall be deemed to be the beneficiary; amend KRS 161.515 to require that members who elect to purchase out-of-state service shall pay the full actuarial cost; establish the retirement factors to be awarded for purchase of service; amend KRS 161.520 to permit the surviving spouse to receive a lump-sum refund of the member's account under certain conditions; amend KRS 161.522 to establish a timeline for a beneficiary to elect an annuity in lieu of a refund of the member's account; amend KRS 161.540 to change the provisions to cover university employees rather than university faculty members who elect to participate; amend KRS 161.568 to permit any university person eligible for membership in the Kentucky Teachers' Retirement System who previously elected to participate in the optional retirement plan to irrevocably elect one time within his or her first 6 years and 6 months of continuous service to change his or her election and to prospectively participate in the system and also become eligible to purchase his or her prior service with his or her postsecondary education employer as service credit; amend KRS 161.569 to require institutions to contribute 5.10% of the total salaries of all persons who elect or elected to participate in the optional retirement plan; amend KRS 161.605 to permit out-of-state teaching service provided in public schools for kindergarten through grade 12 to count toward the 30 year requirement for determining qualifications for returning to work; permit retired members to return to work to earn a minimum amount equal to the base contract salary for the lowest rank and step on the certified teachers' salary schedule; extend the date to 2010 under which certain retired members may work for 100 days; amend KRS 161.630 permit a member to remove a beneficiary at any time though removal of the beneficiary will not change the member's retirement allowance; KRS 161.640 to permit monthly payments on behalf of a retiree, beneficiary, or survivor who is a resident of a nursing or assisted-care home to be paid to the home to benefit the retiree, beneficiary, or survivor; amend KRS 161.650 to require that if a member designates a beneficiary to receive any remaining accumulated member contributions that the member may only designate a single class of individuals or trusts as cobeneficiaries or contingent beneficiaries to share in equal proportions; amend KRS 161.655 to require that when a member designates a beneficiary for receipt of the life insurance benefit, the member shall designate the beneficiary on forms prescribed by the retirement system; amend KRS 161.545, l61.553, 161.612, 161.614, l61.640, and 161.675 to conform.
HB 461 - AMENDMENTS
HCS/AA - Retain original provisions; provide that the provisions of the Act shall become effective July 1, 2007; make technical corrections.
Feb 13-introduced in House
Feb 16-to Education (H); posting waived; posted in committee
Feb 20-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 21-2nd reading, to Rules
Feb 26-posted for passage in the Regular Orders of the Day for Tuesday, February 27, 2007
Feb 27-3rd reading, passed 99-0 with Committee Substitute
Feb 28-received in Senate
Mar 2-to Appropriations & Revenue (S)
Mar 5-taken from committee; 1st reading; returned to Appropriations & Revenue (S)
Mar 6-taken from committee; 2nd reading; returned to Appropriations & Revenue (S)