HB470: Actuarial Analysis, Education, Elementary and Secondary, Education, Finance, Effective Dates, Emergency, Personnel and Employment, Retirement and Pensions - Kentucky

Amend KRS 61.680 to include reference to the Kentucky Teachers' Retirement System as one of the retirement systems in which nonelected employees may participate as appropriate; amend KRS 161.220 to specify that experience substitution clauses only apply to employees of the Kentucky Department of Education who have a four-year degree; exclude awards program from definition of "annual compensation"; amend KRS 161.310 to clarify retirement incentive; amend KRS 161.340 to require transfer of leave balances from the Kentucky Teachers' Retirement System to other Executive Department agencies; amend KRS 161.480 to specify procedures for designating beneficiaries and the effect of failure to make a designation; amend KRS 161.515 to specify that out-of-state teaching service is purchasable only at full actuarial cost; indicate retirement factors for purchase of out-of-state service; amend KRS 161.520 to specify procedures for account refunds, in lieu of survivor allowances, by parents, or legal [...]

show full description