SB 28/AA (BR 400) - D. Parrett
AN ACT relating to retirement.
Amend KRS 6.505 to close the Legislators' Retirement Plan to new participants effective August 1, 2012; amend KRS 6.515 to increase the cost of purchasing active duty military service to the full actuarial cost in the Legislators' Retirement Plan, to prohibit service purchases made on or after August 1, 2012, from being used to vest for retiree health benefits in the Legislators' Retirement Plan, and to require service purchased on or after August 1, 2012, 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 systems prior to August 1, 2012; amend KRS 61.680 to conform and to make technical amendments; EFFECTIVE August 1, 2012.
(Prefiled by the sponsor(s).)
Jan 3-introduced in Senate; to State & Local Government (S)