AN ACT relating to pension spiking in the systems administered by the Kentucky Public Pensions Authority.

Amend KRS 61.598, relating to pension spiking and the definition of "bona fide promotion or career advancement," to retroactively exempt pension spiking adjustments that were due to increases in rates of pay authorized or funded by the legislative or administrative body of an employer or mandated in a collective bargaining agreement approved by the legislative body of the employer for members of the Kentucky Employees Retirement System, County Employees Retirement System, or State Police Retirement System who retired on or after July 1, 2022; require the Kentucky Public Pension Authority to review and make necessary adjustments to benefits payable on or after July 1, 2022, to impacted members; RETROACTIVE.