Bill
Bill > HB506
summary
Introduced
02/22/2023
02/22/2023
In Committee
03/15/2023
03/15/2023
Crossed Over
03/08/2023
03/08/2023
Passed
03/16/2023
03/16/2023
Dead
Signed/Enacted/Adopted
03/23/2023
03/23/2023
Introduced Session
2023 Regular Session
Bill Summary
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.
AI Summary
This bill establishes a partial lump-sum option (PLSO) 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). The PLSO allows members to receive a lump-sum payment of 12, 24, 36, 48, or 60 months of payments, with a corresponding reduction in their lifetime benefit. The bill also changes the required break in employment before a retiree may return to work with a participating employer from 1 or 3 months to 1 month. The bill takes effect on January 1, 2024.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
signed by Governor (Acts Ch. 71) (on 03/23/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/23RS/hb506.html |
| BillText | https://apps.legislature.ky.gov/law/acts/23RS/documents/0071.pdf |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/23RS/hb506/bill.pdf |
| Vote History for HB506 | https://apps.legislature.ky.gov/record/23RS/hb506/vote_history.pdf |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/23RS/hb506/orig_bill.pdf |
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