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HB62 / AA (BR214) - B. Yonts, A. Simpson

     AN ACT relating to public agencies.
    Create a new section of KRS 61.510 to 61.705 to provide that certain employers participating in the Kentucky Employees Retirement System (KERS) and the County Employees Retirement System (CERS) may elect to voluntarily cease participation in the system and that any agency may be required to involuntarily cease participation in KERS or CERS in the event the board of trustees has determined the employer is no longer eligible to participate in a governmental plan or has failed to comply with the provisions of KRS 61.510 to 61.705 or 78.510 to 78.852; establish requirements for voluntary and involuntary cessation of participation by the employer, including requiring any employer voluntarily ceasing participation to adopt a resolution to cease participation and submit the resolution the Kentucky Retirement Systems' board, requiring the cessation of participation to apply to all employees of the employer ceasing participation, requiring the employer to pay for an actuarial cost study to determine the cost to the employer for discontinuing participation, requiring an employer voluntarily ceasing participation to offer an alternative retirement plan to impacted employees, and requiring the employer to pay the system for the full actuarial cost of discontinuing participation either in a lump-sum payment or in installments under the terms established by the board; provide that the full actuarial cost shall not include those employees who elect to take a refund of their account balance within 60 days of the employer's cessation date; provide that the employer's full actuarial cost shall be fixed once the employer makes the lump-sum payment or first installment payment; provide that employees hired after the employer ceases participation will not participate in KERS or CERS for the ceased employer; provide that employees participating in the systems with the employer ceasing participation will not earn benefits after the employer has ceased participation, but will be vested for those benefits accrued prior to the employer's cessation date; provide that the voluntary cessation of participation provisions shall not apply to certain KERS employers including Commonwealth's attorney offices, county attorney offices, local and district health departments governed by KRS Chapter 212, master commissioners, property valuation administration offices, executive branch agencies whose employees are subject to KRS 18A.005 to 18A.200, state-administered retirement systems, employers in the legislative or judicial branch of Kentucky state government, or state-supported universities and community college systems, unless the agency is a nonstock nonprofit corporation established under KRS Chapter 273; provide that the voluntary cessation of participation provisions shall only apply to CERS employers who are nonstock nonprofit corporation established under KRS Chapter 273; amend KRS 78.530 to make conforming amendments and to remove provisions that allow a CERS agency whose participation has been terminated under KRS 78.535 to once again participate in CERS at a later date; amend KRS 78.535 to remove provisions regarding the termination of participation provisions in current law and to reference the cessation of participation provisions in Section 1 of this Act; amend KRS 78.540, 78.545, 78.610, 61.520, and 78.615 to conform; amend KRS 95.520, 95.621, and 95.852 to remove provisions that allow an employee to regain participation in a closed city pension plan if the agency's participation has been terminated under KRS 78.535.


HB62 - AMENDMENTS

     HCS1/AA - Retain original provisions; make technical and clerical amendments.
     SCS1/AA - Retain original provisions, except that relative to an agency that finances their costs to discontinue participation through the systems, amends to provide that the financing will be over a period not to exceed 20 years and to provide that the system may pursue legal action to recoup any installments payments not made by an agency; make technical and clerical amendments.

     Nov 26, 2014 - Prefiled by the sponsor(s).
     Jan 06, 2015 - introduced in House; to State Government (H)
     Feb 03, 2015 - posted in committee
     Feb 05, 2015 - reported favorably, 1st reading, to Consent Calendar with Committee Substitute
     Feb 06, 2015 - 2nd reading, to Rules
     Feb 09, 2015 - taken from Rules; placed in the Consent Orders of the Day; taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
     Feb 11, 2015 - 3rd reading, passed 99-1 with Committee Substitute
     Feb 12, 2015 - received in Senate
     Feb 19, 2015 - to State & Local Government (S)
     Feb 25, 2015 - reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 26, 2015 - 2nd reading, to Rules
     Mar 04, 2015 - posted for passage in the Regular Orders of the Day for Thursday, March 5, 2015
     Mar 09, 2015 - 3rd reading, passed 36-0 with Committee Substitute
     Mar 10, 2015 - received in House; to Rules (H); posted for passage for concurrence in Senate Committee Substitute ; House concurred in Senate Committee Substitute ; Bill passed 96-1
     Mar 11, 2015 - enrolled, signed by each presiding officer; delivered to Governor
     Mar 20, 2015 - signed by Governor (Acts, ch. 028)