AN ACT relating to post-retirement options for state and local employees.

Amend KRS 61.635 to establish a partial lump sum option (PLSO), with and without survivor rights, as a payment option for retiring members of the Kentucky Employees Retirement System (KERS), County Employees Retirement System (CERS), or State Police Retirement System (SPRS); provide that the PLSO shall include a lump-sum payment of 12, 24, 36, 48, or 60 months of payments and a lifetime benefit that is actuarially reduced to reflect the lump-sum payment; require the systems to develop information to assist the member in evaluating the PLSO as a potential payment option; amend KRS 61.637 and 78.5540 to change the required break in employment before a KERS, CERS, or SPRS retiree may return to work with a participating employer from 1 or 3 months, depending upon the position, to 1 month; make technical changes; EFFECTIVE January 1, 2024.