Bill > HB212

This bill reverses key provisions of House Bill 258 from the 2021 legislative session that created a new retirement system tier for teachers who became members on or after January 1, 2022. Specifically, the bill repeals sections of law that established a "foundational" and "supplemental" benefit component for new teachers and returns these members to the retirement system benefits that existed prior to January 1, 2022. The bill restores previous contribution rates, retirement eligibility rules, disability benefits, and other provisions for teachers who joined the system between January 1, 2022, and the effective date of this act. This includes maintaining previous service credit calculations, retirement age requirements, benefit formulas, and other key retirement system provisions. The bill declares an emergency, meaning it will take effect immediately upon becoming law, with the stated purpose of helping to recruit and retain teachers by providing more favorable retirement benefits. The legislation aims to undo the changes made in the previous retirement system reform and revert to the pre-2022 retirement system structure for newer teachers.

Government Affairs

https://apps.legislature.ky.gov/record/25RS/hb212.html