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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
Each 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
Each 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
Each 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
(2)
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
$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
(3)
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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