Introduced February 19, 2025
HB694
Log in to followAN ACT relating to Teachers' Retirement System benefit funding.
Create a new section of KRS 161.220 to 161.716, relating to the Teachers' Retirement System (TRS), to require that once the TRS retiree health fund has an actuarial funding level of at least 100%, then the employer funding for retiree health shall be used to pay down the unfunded liability of the TRS pension fund; require that if the actuarial funding level of the TRS retiree health fund falls below 95%, then the employer funding…
Plain-language summary
This bill changes how money flows between two funds in Kentucky's Teachers' Retirement System — the pension fund and the retiree health fund. Once the retiree health fund reaches full funding, employer contributions would shift to help pay down the pension fund's debt, and would shift back if the health fund drops below 95% funded. It also prevents the TRS board from recommending cuts to employee or employer health contributions until both funds are fully funded. Who it may affect: retired and active public school teachers, and Kentucky taxpayers who fund the Teachers' Retirement System.
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Legislative History
Primary Sponsor
Jason Petrie
Representative · House District 016
Co-sponsors (2)
Adam Bowling
Representative · House District 087
Josh Bray
Representative · House District 071
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