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

Create a new section of KRS 16.505 to 16.652 to change the retirement benefits for members participating in the State Police Retirement System (SPRS) or in a hazardous position in either the Kentucky Employees Retirement System (KERS) or County Employees Retirement System (CERS) who are hired after January 1, 2014, but before January 1, 2027, so that, in lieu of continued participation in the hybrid cash balance plan (Tier 3 benefits), these members receive the…

Actuarial Analysis Firefighters and Fire Departments Peace Officers and Law Enforcement Police, City and County Police, State Retirement and Pensions State Agencies State Employees

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This bill would move certain state and county government employees in hazardous jobs — such as state police and other public safety workers hired between January 1, 2014 and January 1, 2027 — from their current retirement plan (Tier 3, a hybrid cash balance plan) to an older, generally more generous retirement plan (Tier 2). Employees affected would have the option to decline this change within 30 days. The bill also extends Tier 2 benefits…

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