HB 336: AN ACT relating to legislators' retirement benefits. Create a new section of KRS 6.500 to 6.577 to close the Legislatorsâ Retirement Plan (LRP) to new members and require new legislators to participate as nonhazardous members of the Kentucky Employees Retirement System (KERS NH); for members with a participation date on or after January 1, 2014, move existing hybrid cash balance accumulated account balance to the KERS NH hybrid cash balance plan; for members with a participation date prior to January 1, 2014, provide that service credit previously accrued in the Legislatorsâ Retirement System remain in LRP, but future retirement benefits shall accrue in KERS NH; provide that future legislative retirees on or after the effective date of the Act, have LRP benefits calculated based solely upon legislative salary with no salary reciprocity; amend KRS 61.510 to provide that, for future legislator benefits accrued in KERS NH, âfinal compensationâ is the creditable compensation of the member during all fiscal years of service accrued as a member of the General Assembly on or after the effective date of the Act, divided by the number of years of service as a member of the General Assembly on or after the effective date of the Act; provide that for legislators, âmembership dateâ is the date upon which the member began participating in any of the state-administered retirement systems; amend KRS 6.500, 6.505, 6.515, 6.520, and 6.525 to make conforming/technical changes.
To Appropriations & Revenue (H)