SB 89/AA (BR 1101) - D. Parrett
AN ACT relating to retirement.
Amend KRS 6.505 to close the Legislators' Retirement Plan to new participants effective July 1, 2011, and to provide participation in the Kentucky Employees Retirement System in lieu thereof; amend KRS 6.515 to modify the cost of purchasing active duty military service to the full actuarial cost in the Legislators' Retirement Plan, prohibit service purchases made on or after July 1, 2011, from being used to vest for retiree health benefits in the Legislators' Retirement Plan, and require service purchased on or after July 1, 2011, in the Legislators' Retirement Plan to assume the earliest retirement date and cost-of-living adjustments in determining the appropriate actuarial cost; amend KRS 6.525 to prohibit salary earned in another state-administered system from being used to determine benefits in the Legislators' Retirement Plan if the member does not have service in the other state-administered retirement system prior to July 1, 2011; amend KRS 61.680 to conform and to make a technical amendment.
Feb 1-introduced in Senate
Feb 3-to State & Local Government (S)