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HB4 / AA (BR876) - G. Stumbo, L. Belcher, D. Butler, H. Collins, K. Flood, J. Greer, M. Marzian, C. Miller, R. Palumbo, J. Richards, D. Schamore, J. Short, R. Smart, W. Stone, G. Watkins, B. Yonts

     AN ACT relating to funding for Kentucky Teachers' Retirement System and making an appropriation therefor.
    Amend KRS 56.8605 to redefine "financing agreement" and "funding notes" to include financing or refinancing of pension obligations owed to Kentucky Teachers' Retirement System under KRS 161.550(1)(b); amend KRS 56.868 to authorize the Kentucky Asset/Liability Commission to issue funding notes to finance or refinance pension fund obligations owed to Kentucky Teachers' Retirement System under KRS 161.550(1)(b); authorize the Kentucky Asset/Liability Commission to issue funding notes in an amount not to exceed $3,300,000,000 in fiscal year 2015-2016; amend KRS 161.550 to provide that the state shall pay the additional amount needed to fund the Kentucky Teachers' Retirement System pension fund on an actuarially sound basis beginning on July 1, 2015, and continuing for each year thereafter; provide that any funds used to finance statutory benefit improvements under KRS 161.553 that are repurposed and utilized to fund debt service on funding notes authorized under Sections 1 to 3 of this Act shall be included in the additional state appropriation required and to adjust the cost schedules of providing statutory benefit improvements for annuitants; establish intent of General Assembly to phase-into the full actuarially required contribution rate for the Kentucky Teachers' Retirement System pension fund with direct state appropriations on a pro-rata basis from fiscal year 2016-2017 to fiscal year 2024-2025 and to utilize proceeds from funding notes authorized by Sections 1 to 3 of this Act to provide the additional funding needed to pay the full actuarially required contribution to the pension fund during the phase-in schedule and to pay the actuarially required contribution rate in fiscal year 2015-2016; amend 2014 Kentucky Acts Chapter 117, the state/executive branch budget bill, to authorize funding notes to be issued by the Kentucky Asset/Liability Commission for the Kentucky Teachers' Retirement System not to exceed $3,300,000,000 and to provide that current appropriations dedicated to funding past benefit improvements under subsections (1) and (2) of KRS 161.553 of $116,798,700 shall be used in fiscal year 2015-2016 for debt service on the notes authorized by Sections 1 to 3 of this Act.


HB4 - AMENDMENTS

     HFA1( B. Montell ) - Retain original provisions, except to limit funding note authorization to $520 million and to remove language regarding intent of General Assembly to phase-in schedule to the full actuarially required contribution for KTRS; provide that funding notes will be used to pay the full actuarially required contribution for fiscal year 2015-2016; require the Public Pension Oversight Board, established pursuant to KRS 7A.200 to 7A.260, to study and develop consensus recommendations concerning the benefits, investments, and funding of the Kentucky Teachers' Retirement System; require study and recommendations to be submitted to the Legislative Research Commission by December 1, 2015.
     HFA2( B. Montell ) - Delete provisions of the bill; amend KRS 161.550 to establish intent of General Assembly to phase in to the full actuarially required contribution rate for the Kentucky Teachers' Retirement System pension fund with direct state appropriations on a pro-rata basis from fiscal year 2016-2017 to fiscal year 2024-2025.
     HFA3( A. Wuchner ) - Delete provisions of the bill; amend KRS 161.550 to establish intent of General Assembly to phase-into the full actuarially required contribution rate for the Kentucky Teachers' Retirement System pension fund with direct state appropriations on a pro-rata basis from fiscal year 2016-2017 to fiscal year 2020-2021; require the Public Pension Oversight Board, established pursuant to KRS 7A.200 to 7A.260, to study and develop consensus recommendations concerning the benefits, investments, and funding of the Kentucky Teachers' Retirement System, including evaluating bonding the portion of additional state appropriations needed to fund the Kentucky Teachers' Retirement System pension fund on an actuarially sound basis that are not covered by the phase-in schedule; require study and recommendations to be submitted to the Legislative Research Commission by December 1, 2015.
     HFA4( A. Wuchner ) - Make title amendment.
     SCS1 - Remove original provisions; establish the Kentucky Teachers' Retirement System Task Force; provide that the purpose of the task force is to study issues regarding the Kentucky Teachers' Retirement System and to develop consensus recommendations concerning the benefits and funding of the system; name the membership of the task force; require the task force to meet at least monthly before submitting its findings and recommendations; require its findings and recommendations to be submitted to the Legislative Research Commission by December 18, 2015; provide that subject to selection and approval by the Legislative Research Commission the task force may utilize the services of consultants, actuaries, or legal counsel to render professional, managerial, and technical assistance, as needed; provide that the Legislative Research Commission has authority to alternatively assign the issues identified in the Resolution to interim joint committees or subcommittees thereof.
     SCA1( J. Bowen ) - Make title amendment.
     CCR1 - Cannot agree.

     Jan 09, 2015 - introduced in House
     Feb 03, 2015 - to Appropriations & Revenue (H)
     Feb 06, 2015 - posted in committee
     Feb 10, 2015 - reported favorably, 1st reading, to Calendar
     Feb 11, 2015 - 2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, February 12, 2015; floor amendments (1) and (2) filed
     Feb 12, 2015 - floor amendments (3) and (4-title) filed
     Feb 23, 2015 - 3rd reading; floor amendment (1) defeated ; passed 62-31
     Feb 24, 2015 - received in Senate
     Feb 26, 2015 - to State & Local Government (S)
     Mar 03, 2015 - taken from State & Local Government (S); 1st reading; returned to State & Local Government (S)
     Mar 09, 2015 - taken from State & Local Government (S); 2nd reading; returned to State & Local Government (S); reported favorably, to Rules with Committee Substitute, committee amendment (1-title)
     Mar 10, 2015 - posted for passage in the Regular Orders of the Day for Tuesday, March 10, 2015; 3rd reading, passed 26-10 with Committee Substitute, committee amendment (1-title) ; received in House; to Rules (H)
     Mar 11, 2015 - posted for passage for concurrence in Senate Committee Substitute, committee amendment (1-title) ; House refused to concur in Senate Committee Substitute, committee amendment (1-title) ; received in Senate; to Rules (S); posted for passage for receding from Senate Committee Substitute, committee amendment (1-title) ; Senate refused to recede from Committee Substitute, committee amendment (1-title) ; Conference Committee appointed in House and Senate
     Mar 23, 2015 - Conference Committee report filed in House and Senate; Conference Committee report adopted in House; Free Conference Committee appointed in House