Bill > HB337

This bill provides a one-time supplemental payment to retired state employees in Kentucky from the Kentucky Employees Retirement System (KERS) and the State Police Retirement System (SPRS). Specifically, the bill appropriates $95 million from the Budget Reserve Trust Fund in fiscal year 2024-2025 to fund a supplemental payment that will be equal to the recipient's monthly retirement allowance in June 2025. The funding is broken down into three parts: $84 million for nonhazardous position retirees, $6 million for hazardous position retirees, and $5 million for State Police Retirement System recipients. The bill notes that these retirees have not received a cost-of-living adjustment since fiscal year 2011-2012, and it declares an emergency to expedite the implementation of the supplemental payment. The one-time payment will be added to each recipient's July 2025 retirement allowance, providing a temporary financial boost to retired state employees who have not seen an increase in their retirement benefits for over a decade.

Budget and Finance

https://apps.legislature.ky.gov/record/25RS/hb337.html