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HB 416 - Establishes the Kentucky Retirement Systems Sustainability Trust Fund - Kentucky Key Vote

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Title: Establishes the Kentucky Retirement Systems Sustainability Trust Fund

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Kentucky Retirement Systems Sustainability Trust Fund to support the Kentucky Retirement Systems.

Highlights:

  • Establishes the Kentucky Retirement Systems Sustainability Trust Fund to supplement employer contributions and eliminate any unfunded liability in the Kentucky Retirement Systems (Sec. 1). 
  • Requires lottery revenue to be allocated each fiscal year to the Kentucky Retirement Systems Sustainability Trust Fund in the following amounts (Secs. 1, 4 & 5):
    • Any surplus revenue from existing lottery games after $215 million dollars is deposited in the general fund; and
    • All net revenue from the expansion or implementation of new games.
  • Requires the tax collected on money wagered on historical horse races to be deposited in the Kentucky Retirement Systems Sustainability Trust Fund when the money wagered on all historical horse races exceeds $300 million in a fiscal year (Secs. 2 & 3).
  • Requires the general fund to stop crediting money to the Kentucky Retirement Systems Sustainability Trust Fund when the value of the Kentucky Retirement Systems’ assets are equal to or greater than 80 percent of the Kentucky Retirement Systems’ liabilities (Sec. 6).

NOTE: A BILL RAISING REVENUE OR APPROPRIATING FUNDS DURING AN ODD NUMBERED YEAR REQUIRES THREE-FIFTHS OF THE MEMBERS OF THE HOUSE TO PASS TO THE SENATE FLOOR

Title: Establishes the Kentucky Retirement Systems Sustainability Trust Fund

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