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161.553 Funding of past statutory benefit improvements -- Schedules for
appropriations -- Cost-of-living increases -- Feasibility study of employer
contribution rate stabilization.
(1)
The cost of providing statutory benefit improvements for annuitants may be
funded by annual appropriations from the state on an actuarial amortized basis
over the lifetime of the annuitants. The schedules in paragraphs (a), (b), and
(c) of this subsection are the annual appropriations which shall be made by the
state for benefit improvements approved in the respective fiscal years or
bienniums prior to July 1, 2010:
(a)
Cost-of-Living
2010-2011
ach Succeeding Fiscal Year
Allowance
1994-1996
1996-1998
$4,459,000
1998-2000
$15,333,900
15,333,900 through 2012-2013
$7,938,600 in 2013-2014
2000-2002
$12,511,400
12,511,400 through 2014-2015
and
$7,227,700 in 2015-2016
2002-2004
$21,405,700
21,405,700 through 2021-2022
and
$11,204,100 in 2022-2023
2004-2006
$15,413,700
15,413,700 through 2023-2024
and
$7,421,400 in 2024-2025
2006-2008
$15,730,200
15,730,200 through 2025-2026
and
$7,104,600 in 2026-2027;
(b)
Minimum Value
2010-2011
ach Succeeding Fiscal Year
Annuities
2002-2004
$3,375,900
3,375,900 through 2016-2017
and
$2,027,800 in 2017-2018; and
(c)
Sick Leave
2010-2011
ach Succeeding Fiscal Year
Allowance
1998-2000
$4,660,300
4,660,300 through 2012-2013
and
$2,425,900 in 2013-2014
2000-2002
$6,167,100
6,167,100 through 2014-2015
and
$3,579,100 in 2015-2016
2002-2004
$5,337,000
5,337,000 through 2021-2022
and
$3,022,800 in 2022-2023
2004-2006
$5,480,300
5,480,300 through 2023-2024
and
$2,558,700 in 2024-2025
2006-2008
$5,814,400
5,814,400 through 2025-2026
and
$3,499,200 in 2026-2027
2008-2010
$8,969,000
8,969,000 through 2027-2028
and
$6,281,300 in 2028-2029.
2010-2012
$6,516,600
13,674,800 through 2029-2030
and
(2)
(3)
$7,158,200 in 2030-2031
The cost of providing the transitional funding for the state medical insurance
fund stabilization contribution as provided by KRS 160.550(2) may be funded
by annual appropriations from the state on an amortized basis. The schedule in
this subsection is the annual appropriation which shall be made by the state in
the respective fiscal years or biennium prior to July 1, 2010:
Amortization of
2010-2011
Each Succeeding
Fiscal Year
Transitional Funding
2004-2006
$13,325,100
$13,325,100
through
2014-2015
and
$9,075,500
in
2015-2016
2006-2008
$28,487,400
$28,487,400
through
2016-2017
and
$18,280,000
in
2017-2018
2008-2010
$36,554,100
$36,554,100
through
2018-2019
and
$18,266,100
in
2019-2020
Amortization of
2010-2011
Each Succeeding
Fiscal Year
Medical Subsidy
2008-2010
$2,574,100
$2,574,100
through 2018-2019
and
$1,345,200
in
2019-2020
The present values of providing statutory cost-of-living increases for annuitants
not included in subsection (1) of this section are to be assigned to the
unfunded obligations of the retirement system and are identified as follows:
1986-1988
$34,689,893
1990-1992
$68,107,473
1992-1994
$15,749,976
Effective:July 1, 2010
History: Amended 2010 Ky. Acts ch. 164, sec. 7, effective July 1, 2010. -Amended 2008 Ky. Acts ch. 78, sec. 11, effective July 1, 2008. -- Amended
2006 Ky. Acts ch. 189, sec. 1, effective July 1, 2006. -- Amended 2004 Ky. Acts
ch. 121, sec. 13, effective July 1, 2004. -- Amended 2002 Ky. Acts ch. 275,
sec. 21, effective July 1, 2002. -- Amended 2000 Ky. Acts ch. 498, sec. 14,
effective July 1, 2000. -- Amended 1998 Ky. Acts ch. 515, sec. 9, effective July
1, 1998. -- Amended 1996 Ky. Acts ch. 359, sec. 10, effective July 1, 1996. -Amended 1994 Ky. Acts ch. 369, sec. 15, effective July 1, 1994. Created 1992
Ky. Acts ch. 192, sec. 13, effective July 1, 1992.
Legislative Research Commission Note (7/12/2006). When this statute was
amended in 2006 Ky. Acts ch. 189, sec. 1, the phrase "$3,968,300 in
2022-2023" was inadvertently omitted from subsection (1)(c). This phrase was
part of the existing language of the statute at the time of the amendment, and
the Reviser of Statutes has restored the omitted material in accordance with
KRS 446.280.
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