Kentucky 2024 Regular Session

Kentucky Senate Bill SB196

Introduced
2/12/24  
Refer
2/12/24  

Caption

AN ACT relating to optional retirement benefits for hazardous duty employees participating in the County Employees Retirement System's hybrid cash balance plans.

Impact

The impact of SB196 on state laws revolves around the benefits structure for employees classified under hazardous duties. By establishing an alternative benefit calculation service, the bill aligns retirement benefits more closely with the unique nature of hazardous employment. This could lead to improved financial security for workers in these roles, particularly as they approach retirement, by recognizing and compensating for their service and risks taken during their careers.

Summary

Senate Bill 196 aims to provide optional retirement benefits for employees in hazardous duty positions participating in the County Employees Retirement System's hybrid cash balance plans. This legislation allows for an alternative benefit calculation for those opting into the program, specifically for hazardous duty employees who meet certain service requirements. The changes introduced by the bill are intended to enhance retirement options and ensure that these employees receive appropriate benefits corresponding to the risks associated with their duties.

Sentiment

The sentiment around SB196 appears to be cautiously optimistic among supporters, particularly advocates for hazardous duty personnel. Proponents argue that the bill reflects a necessary adaptation of retirement systems to better serve those who face greater risks due to their occupation. However, there may also be reservation among certain segments who are concerned about the fiscal implications and the potential for increased costs tied to the revised benefits structure for employers within the County Employees Retirement System.

Contention

Notable points of contention include the costs associated with the implementation of the alternative benefit program, as employers may be required to pay additional contributions to maintain funding levels for the program. Concerns about actuarial sustainability and the long-term financial implications for the pension system are pivotal in discussions about the bill. The continued viability of the program in light of fiscal constraints becomes a central debate as the legislature considers the balance between enhancing employee benefits and maintaining fiscal responsibility.

Companion Bills

No companion bills found.

Previously Filed As

KY HB506

AN ACT relating to post-retirement options for state and local employees.

KY HB328

AN ACT relating to membership dates in the state-administered retirement systems.

KY SB206

AN ACT relating to retirement funds of urban-county governments.

KY HB114

AN ACT relating to retirement plans covering legislators.

KY HB126

AN ACT relating to the Teachers' Retirement System and declaring an emergency.

KY SB166

AN ACT relating to the fiduciary duties owed to the state-administered retirement systems.

KY HB236

AN ACT relating to the fiduciary duties owed to the state-administered retirement systems.

KY SB128

AN ACT relating to sick leave reporting for the Teachers' Retirement System.

KY HB49

AN ACT relating to the Kentucky Public Pensions Authority.

KY SB254

AN ACT relating to state employees.

Similar Bills

KY HB349

AN ACT relating to in line of duty disability benefits and declaring an emergency.

KY HB366

AN ACT relating to maternity leave for teachers.

KY SB209

AN ACT relating to public employee benefits.

KY HB169

AN ACT relating to retiree health benefits for hazardous duty members.

KY HB259

AN ACT relating to employees of the Kentucky State Police and declaring an emergency.

KY HB73

AN ACT relating to employers of the Teachers' Retirement System.

KY HB114

AN ACT relating to retirement plans covering legislators.

KY HB135

AN ACT relating to retirement benefits for state and county employees in hazardous positions.