HB694: AN ACT relating to Teachers' Retirement System benefit funding.

Legislative Summary

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 shall be restored to the retiree health fund until the retiree health fund is 100% funded; amend KRS 161.540, 161.550, and 161.675 to provide that the TRS board of trustees shall not recommend changes to the General Assembly to reduce employee or employer funding for retiree health or reduce board adopted charges under the shared responsibility provisions for health benefits for retirees under the age of 65 until the pension and retiree health funds are each 100% funded; amend KRS 161.420 to conform.