KY HB540 | 2010 | Regular Session

Kentucky House Bill 540 (Prior Session Legislation)

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on April 13 2010 - 100% progression
Action: 2010-04-13 - signed by Governor (Acts ch. 159)
Text: Latest bill text (Draft #1) [MS Word]

Summary

Create a new section of KRS 161.220 to 161.716 to create the Kentucky Teachers' Retirement System insurance trust fund under U.S.C. sec. 115 to supplement the current 26 U.S.C. sec. 401 (h) medical insurance trust fund; specify that the trust fund assets shall be dedicated to health benefits; amend KRS 161.420 to describe the contributions that would be made to the medical insurance fund; specify that the KTRS board of trustees shall take all necessary steps to maintain the status of the medical insurance fund; amend KRS 161.540 to establish a graduated schedule of additional contributions that shall be required from each active member of KTRS for the medical insurance fund, beginning in July 1, 2010 and capping July 1, 2015 for a member who first became a member of the retirement system before July 1, 2008 and a graduated schedule for each member who first became a member of the retirement system after July 1, 2008; cap the additional contribution at 3.75%, which is in addition to existing contributions to the retirement system; require the actuarial equivalent contribution for those KTRS employees in universities and other agencies; provide that the additional contributions be decreased, suspended or terminated upon the recommendation of the KTRS actuary when the medical insurance fund achieves a sufficient prefunded status; amend KRS 161.550 to permit the KTRS board of trustees to establish a medical insurance fund under 26 U.S.C. sec. 115; require the state to pay the cost of participation in the Kentucky Employees Health Plan (KEHP) for those KTRS members who retire on or after July 1, 2010 who are ineligible for Medicare; provide that payments shall be made directly to the Personnel Cabinet's Department of Employee Insurance and shall be less the amounts that are otherwise required to be paid by participants in the KEHP and the amount to be paid by retirees; require all individual employers of KTRS members to begin making contributions to the medical insurance fund July 1, 2010 and cap July 1, 2015 at a rate of 3.0% of payroll of those active employees; provide that employer contributions be decreased, suspended, or terminated upon the recommendation of the KTRS actuary when the medical insurance fund achieves a sufficient prefunded status; amend KRS 161.675 to specify that the KTRS board of trustees may authorize participation in KEHP only for retirees under age 65 who first retired prior to July 1, 2010; provide that only those retired members who are eligible for Medicare or who retired prior to July 1, 2010 shall be eligible to receive a health insurance supplement paid by KTRS; require that the state pay a percentage of the health insurance supplement based on age and years of service equal to the percentage established by the KTRS board of trustees for eligible annuitants; prove that KTRS provide to the state and the Personnel Cabinet the same administrative services for members who retire on or after July 1, 2010 and who are not Medicare eligible as it does for eligible annuitants of KTRS; require that members who are not yet eligible for Medicare pay on a graduated scale over a 3-year period, an amount equal to the Standard Medicare Part B premium for the cost of their medical insurance; EMERGENCY.

Title

AN ACT relating to teachers' retirement, making an appropriation therefor, and declaring an emergency.

History

Date	Chamber	Action
2010-04-13		signed by Governor (Acts ch. 159)
2010-04-01		delivered to Governor
2010-04-01		enrolled, signed by each presiding officer
2010-04-01		passed 98-0-2
2010-04-01		House concurred in Senate Committee Substitute
2010-04-01		posted for passage for concurrence in Senate Committee Substitute for Thursday, April 1, 2010
2010-04-01		taken from committee
2010-04-01		to Rules (H)
2010-04-01		received in House
2010-03-29		3rd reading, passed 34-0 with Committee Substitute
2010-03-29		posted for passage in the Regular Orders of the Day for Monday, March 29, 2010
2010-03-24		reported favorably, to Rules with Committee Substitute
2010-03-23		returned to State & Local Government (S)
2010-03-23		2nd reading
2010-03-23		taken from committee
2010-03-22		reassigned to State & Local Government (S)
2010-03-22		1st reading
2010-03-22		taken from committee
2010-03-22		to Education (S)
2010-03-18		received in Senate
2010-03-17		3rd reading, passed 94-0-2 with Committee Substitute
2010-03-17		taken from Rules Committee, placed in the Orders of the Day for Wednesday, March 17, 2010
2010-03-16		reported favorably, to Rules with Committee Substitute
2010-03-12		posted in committee
2010-03-05		recommitted to Appropriations & Revenue (H)
2010-03-05		2nd reading, to Rules
2010-03-04		reported favorably, 1st reading, to Calendar with committee amendment (1)
2010-03-02		posting waived
2010-03-02		to Education (H)
2010-02-26		introduced in House