13RS HB411
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HB411

13RS

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HB 411/AA (BR 1556) - C. Rollins II

     AN ACT relating to the Kentucky Teachers' Retirement System.
     Amend KRS 161.290 to require public employers other than school districts to provide paid leave to teacher trustees serving on the Kentucky Teachers' Retirement System (KTRS) board; amend KRS 161.340 to allow KTRS to contract for insurance; amend KRS 161.430 to allow the KTRS board to contract with one or more general investment consultants; remove references to the book value of assets in regards to limitations on funds managed internally by system's investment staff; remove the requirement that the board investment committee consist of the executive secretary of the system and two trustees; require system's staff to be subject to fiduciary requirements applicable to board members and investment consultants and managers; make technical amendments; amend KRS 161.470 to make technical corrections; amend KRS 161.480 to automatically designate a KTRS member's spouse as beneficiary for an active member's account balance upon employment until changed by the member; declare the member's spouse as beneficiary of the active member's account balance in the event all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.545 to provide that full-time sabbatical leave by university staff participating in the KTRS shall be deemed full-time employment for retirement purposes and to require employee and employer contributions to be paid during the period of sabbatical leave; amend KRS 161.553 to adjust the cost schedules of providing statutory benefit improvements for annuitants; amend KRS 161.560 to authorize the KTRS to promulgate administrative regulations to require more frequent submission of annual reports by participating employers; amend KRS 161.605 to allow the commissioner of education to pay reemployed retirees in excess of statutory maximums if the commissioner deems that the employees have the necessary experience to provide services and support to persistently low-achieving schools as provided by KRS 160.346; amend KRS 160.612 to reduce the $500 minimum monthly disability benefit by benefit payments from all state-administered retirement systems for part-time employees participating in the KTRS who apply for disability benefits on or after July 1, 2013; amend KRS 161.643 to authorize KTRS to require more frequent submission of annual reports on reemployed employees by participating employers; amend KRS 161.650 to automatically designate a KTRS member's spouse as beneficiary for a retired member's account remaining account balance at the time of death unless changed by the member; declare the member's spouse as beneficiary of the retired member's remaining account balance in the event all named beneficiaries predecease the retired member or the member fails to name a beneficiary for the account balance; amend KRS 161.655 to automatically designate a KTRS member's spouse as beneficiary for the life insurance benefit available to active and retired members unless changed by the member; declare the member's spouse as beneficiary of the life insurance benefit available to active and retired members if, upon the death of the member, all named beneficiaries predecease the member or the member fails to name a beneficiary; amend KRS 161.661 to provide that members who begin participating on or after July 1, 2013, shall not be eligible for a disability benefit if they are eligible for any unreduced benefit and that they shall have their $500 minimum monthly disability benefit reduced by benefit payments from all state-administered retirement systems.

HB 411 - AMENDMENTS


     HCS/AA - Retain original provisions except amend KRS 161.605 to requireretired members under age sixty (60) returning to work for certain state universities and state community colleges to comply with the separation-from-service requirements, effective July 1, 2014; amend KRS 161.553 to make technical corrections.

     Feb 19-introduced in House
     Feb 20-to Education (H)
     Feb 22-posted in committee
     Feb 25-taken from Education (H); 1st reading; returned to Education (H)
     Feb 26-reported favorably, 2nd reading, to Rules with Committee Substitute
     Feb 27-posted for passage in the Regular Orders of the Day for Thursday, February 28, 2013
     Feb 28-3rd reading, passed 80-15 with Committee Substitute
     Mar 1-received in Senate
     Mar 5-taken from Committee on Committees (S); 1st reading; returned to Committee on Committees (S); to State & Local Government (S)
     Mar 6-taken from State & Local Government (S); 2nd reading; returned to State & Local Government (S)

Vote History
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