Kentucky · 2026 Regular Session
Create a new section of KRS 78.510 to 78.852 to allow employers participating in the County Employees Retirement System (CERS) to make a one-time election to offer members who work in hazardous positions who are hired on or after January 1, 2014, but prior to July 1, 2027, so that, in lieu of continued participation in the hybrid cash balance plan (Tier III benefits), these members receive the benefits provided to members in a hazardous position who began participating immediately prior to January 1, 2014 (Tier II benefits); allow for employers in CERS to make a one-time election to opt in to the benefit change by July 1, 2027; allow members who are employed by an employer that makes a one-time election to make a one-time election to opt into the benefit change within 30 days of the employer election and allow a member to pay the costs to convert any other Tier III benefit service in a hazardous position to Tier II benefit service; provide that all new hires after July 1, 2027, in hazardous positions for any employer that makes a one-time election receive Tier II benefits; require that accumulated contributions in the hybrid cash balance plan remain in the member's account;…
to State Government (H) (2026-03-11)