AN ACT relating to the Teachers' Retirement System. Create a new section of KRS 161.220 to 161.716 to permit the Teachers' Retirement System (TRS) to use and accept electronic signatures as deemed appropriate; amend KRS 161.220 to emphasize that annual compensation does not include benefit or salary adjustments that are not available to all members of an agency; amend KRS 161.290 to require all public employers to provide paid leave to teacher trustees serving on the KTRS board; amend KRS 161.310 to clarify the types of remuneration included in retirement incentives; amend KRS 161.340 to require TRS to contract for insurance; amend KRS 161.430 to update contract language regarding money managers and consultants; remove references to the book value of assets in regard to limitations on funds managed internally by the system's investment staff; remove the requirement that the board investment committee may consist of the executive secretary of the system and two trustees; require the system's staff to be subject to fiduciary requirements applicable to board members and investment consultants and managers; make technical amendments; amend KRS 161.470 to make technical corrections; amend KRS 161.480 to automatically designate a TRS member's spouse as beneficiary for an active member's account balance upon employment until changed by the member; declare the member's spouse as beneficiary of the active member's account balance in the event all named beneficiaries predecease the active member or the member fails to designate a beneficiary; amend KRS 161.500 to specifically address service credit for contracts exceeding 185 days; amend KRS 161.515 to clarify the retirement factor for service purchases; amend KRS 161.520 to delete the requirement of physicians' statements corroborating the mental competency of an adult child waiving survivorship benefits; amend KRS 161.540 to specify eligibility requirements for including annual leave credit in the retirement calculation for
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
- Stage
- Session ended
- Started in
- House
- Latest action
- Feb 21, 2017
Where it stands
Introduced (Current step)
Committee (Needs attention)
Floor (Not started)
Law (Not started)
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
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While a bill can still move, the questions are about people and money in Kentucky.