13RS HB26
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HB26

13RS

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HB 26/AA (BR 167) - S. Riggs, D. Floyd, C. Embry Jr., T. Moore, R. Palumbo, B. Waide

     AN ACT relating to retirement benefits for legislators.
     Amend KRS 6.505 to close the Legislators' Retirement Plan to legislators who have not previously participated in the plan and who begin their first term of office on or after the effective date of the Act; amend KRS 6.520 to provide that retirement benefits in the Legislators' Retirement Plan shall be based upon the legislator's highest 5 years of salary rather than his or her highest 3 years of salary; 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 the effective date of the Act; limit the use of salary credited to other retirement systems in calculating benefits in the Legislators' Retirement Plan if the member does have service in the other state-administered systems prior to the effective date of the Act; create new sections of KRS Chapter 6 to establish the Legislators' Defined Contribution Plan for legislators who begin their first term of office on or after the effective date of the Act; provide that the plan shall be administered by the Kentucky Deferred Compensation Authority; allow the authority to utilize plans already established or to establish new plans to administer the Legislators' Defined Contribution Plan; provide an employer match of up to 5 percent of the legislator's wages; provide that a legislator participating in the plan shall be vested for employer contributions on a sliding scale that fully vests the legislator for the employer contributions at six years; provide that the benefits under the Legislators' Defined Contribution Plan shall not constitute an inviolable contract of the Commonwealth; amend KRS 18A.245 to establish responsibilities of the board of the Kentucky Deferred Compensation Authority to administer the Legislators' Defined Contribution Plan; amend KRS 61.510, governing the Kentucky Retirement Systems, to clarify that a legislator who begins his or her first term of office on or after the effective date of the Act shall not participate in these plans as a result of service in the General Assembly; amend KRS 61.680 to conform.

     (Prefiled by the sponsor(s).)

     Jan 8-introduced in House; to State Government (H)


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