SB 32 KY

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Became Law

Amend KRS 21.525 to define the funding components for the retirement plans administered by the Judicial Form Retirement System as the "normal cost contribution" and the "actuarially accrued liability contribution;" establish the actuarial methods to be used to compute the normal cost contribution and the actuarially accrued liability (AAL) contribution; require the total unfunded AAL be amortized over a closed 20-year period beginning with the 2023 actuarial valuation; require any increase or decrease in the unfunded AAL occurring after completion of the 2023 actuarial valuation be amortized over a closed 20-year period beginning in the year the increase or decrease is recognized; establish the circumstances that may result in an increase or decrease to the unfunded AAL; provide that if an annual valuation determines that the plan has surplus assets, the prior bases under which the unfunded AAL increases were established be eliminated, and one base equal to the surplus assets be established and amortized under an open 20-year period; amend KRS 21.540 to require that the authorization for all administrative expenses of the JFRS be included in the biennial budget unit request, branch budget recommendation, and the financial plan adopted by the General Assembly; repeal, reenact, and amend KRS 6.505, 6.518, 6.520, 6.525, 21.360, 21.385, 21.402, and 21.480 to remove language that was voided due to a court ruling and to restore prior statute language and to make technical changes.

• J. Higdon Republican · primary

1. Jan 4, 2022 introduced in Senate · upper
2. Jan 4, 2022 to Committee on Committees (S) · upper
3. Jan 6, 2022 to State & Local Government (S) · upper
4. Jan 26, 2022 reported favorably, 1st reading, to Calendar · upper
5. Jan 27, 2022 2nd reading, to Rules · upper
6. Jan 27, 2022 posted for passage in the Regular Orders of the Day for Tuesday, February 01, 2022 · upper
7. Feb 1, 2022 3rd reading, passed 36-0 · upper
8. Feb 2, 2022 received in House · lower
9. Feb 2, 2022 to Committee on Committees (H) · lower
10. Mar 16, 2022 to State Government (H) · lower
11. Mar 17, 2022 reported favorably, 1st reading, to Calendar · upper
12. Mar 18, 2022 2nd reading, to Rules · upper
13. Mar 18, 2022 posted for passage in the Regular Orders of the Day for Monday, March 21, 2022 · upper
14. Mar 24, 2022 3rd reading, passed 95-0 · upper
15. Mar 25, 2022 received in Senate · upper
16. Mar 25, 2022 enrolled, signed by President of the Senate · upper
17. Mar 25, 2022 enrolled, signed by Speaker of the House · lower
18. Mar 25, 2022 delivered to Governor · upper
19. Mar 30, 2022 signed by Governor (Acts Ch. 55) · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Acts Chapter 55 · PDF
• Current/Final · PDF
• Introduced · PDF