.350 Actuarial analysis required for bill before General Assembly to increase benefits or participation in public retirement system.
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6.350 Actuarial analysis required for bill before General Assembly to increase
benefits or participation in public retirement system.
(1)
A bill which would increase the benefits or increase participation in the benefits or
change the financial liability of any public retirement system administered by an
agency of state government shall not be reported from a legislative committee of
either house of the General Assembly for consideration by the full membership of
that house unless the bill is accompanied by an actuarial analysis.
(2)
(a) An actuarial analysis required by this section must show the economic effect
of the bill on the public retirement system, including a projection of the annual
cost to the system of implementing the legislation for at least ten (10) years. If
a bill proposes to increase benefits, increase benefit participation, or provide
liability assumption for more than one (1) public retirement system, the
actuarial analysis shall project costs for each affected state-administered
public retirement system. An actuarial analysis shall state the actuarial
assumptions and methods of computation used in the analysis and shall state
whether or not the bill or resolution, if enacted, would, in the opinion of the
actuary, make the affected public retirement system actuarially unsound or, in
the case of a system already actuarially unsound, more unsound. An advanced
funding actuarial cost method shall be used in all cost projections.
(b) An actuarial analysis required by this section shall be prepared by an actuary
who is a fellow of the Society of Actuaries, a member of the American
Academy of Actuaries, or an enrolled actuary under the Employees'
Retirement Income Security Act of 1974.
(3)
An actuary commissioned to make an actuarial study that is required by this section,
or for the purpose of seeking appropriations for a public retirement system
administered by an agency of state government, shall include in the study a
complete definition of each actuarial term used in the study and, either in the study
or in a separate report made available as a public record, an enumeration and
explanation of each actuarial assumption used in the valuation made for the study.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 246, sec. 1, effective July 15, 1980.
Legislative Research Commission Note (10/19/2004). 2004 (1st Extra. Sess.) Ky. Acts
ch. 1, sec. 19, provides, "The provisions of this Act shall be effective, KRS 6.350 to
the contrary notwithstanding."