HB 501/LM/AA (BR 1650) - R. Adams, D. Butler
AN ACT relating to retirement.
Amend KRS 16.505, 61.510, and 78.510 to clarify that the fiscal year shall be used for determining contribution and benefit limits under the federal tax code, to ensure actuarial equivalence of all retirement payment options, to define membership date, and to make technical amendments; amend KRS 16.576, 16.578, and 61.640 to require a deceased member's estate to take lump-sum payments rather than a monthly payment and to make technical amendments; amend KRS 16.582 to make technical amendments; amend KRS 61.552 to allow an employee to separate service purchases on a new installment payment plan with the systems that were grouped under a previous installment payment plan and to allow the employee to pay off a portion of the contract if payments on the contract have been stopped; amend KRS 61.565 to comply with Governmental Accounting Standards Board practices for completion of the annual actuarial valuation and to allow the board to determine the amortization period for future benefit improvements; amend KRS 61.590 to establish time limits for completion of retirement forms and to make technical amendments; amend KRS 61.615 to clarify application for reinstatement of disability benefits and to make technical amendments; amend KRS 61.623 to require the recipient to complete direct deposit forms rather than requiring both the recipient and the financial institution to complete the forms; amend KRS 61.630 to clarify that a deceased member's estate must take a lump-sum payment on the remaining payments due the member; amend KRS 61.645 to clarify who is eligible to vote in trustee elections and to specify that a system employee cannot be a trustee of the board; amend KRS 61.675 and 78.625 to clarify date agency reports and contributions are due at the system's office; amend KRS 61.701 to clarify federal tax code references and specific purposes of the health insurance trust; amend KRS 61.702 to permit funding of health savings accounts and health reimbursement accounts, to clarify compliance with federal code requirements, to permit the systems to offer payments to another health plan the recipient may be eligible to participate in if the payment of such coverage will reduce costs to the systems, to clarify payments of health benefits to nonhazardous line of duty disability and death recipients, and to make technical amendments; amend KRS 61.705 to allow payment of $5,000 death benefit to a licensed funeral home and to make technical amendments.
HB 501 - AMENDMENTS
HCS/LM/AA - Retain original provisions except remove new language permitting the systems to fund a health savings account or health reimbursement account and to remove new language permitting the systems to offer payments to another health plan a recipient may be eligible to participate in and access coverage; make technical amendments.
HFA (1, T. Riner) - Retain original provisions, except insert a section to find that the interest of the state-administered retirement systems, the State investment commission, and the public are advanced if the state-administered retirement systems and the State Investment Commission curtail investments in Sudan and to encourage the state-administered retirement systems and the State Investment Commission to curtail such investments.
Feb 11-introduced in House
Feb 12-to State Government (H)
Feb 26-posted in committee
Feb 28-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 29-2nd reading, to Rules; floor amendment (1) filed to Committee Substitute
Mar 3-posted for passage in the Regular Orders of the Day for Tuesday, March 4, 2008
Mar 4-3rd reading, passed 97-0 with Committee Substitute
Mar 5-received in Senate
Mar 7-to Appropriations & Revenue (S)