161.553 Funding of past statutory benefit improvements -- Schedules for appropriations -- Cost-of-living increases -- Feasibility study of employer contribution rate stabilization.
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<![CDATA[161.553 Funding of past statutory benefit improvements -- Schedules for appropriations -- Cost-of-living increases -- Feasibility study of employer <br>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 <br>lifetime of the annuitants. The schedules in paragraphs (a), (b), and (c) of this <br>subsection are the annual appropriations which shall be made by the state for benefit <br>improvements approved in the respective fiscal years or bienniums prior to July 1, <br>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 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 (2) 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 <br>appropriations from the state on an amortized basis. The schedule in this subsection <br>is the annual appropriation which shall be made by the state in the respective fiscal <br>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 <br>obligations of the retirement system and are identified as follows: <br> 1986-1988 $34,689,893 1990-1992 $68,107,473 1992-1994 $15,749,976 Effective: July 1, 2010 <br>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 <br>ch. 189, sec. 1, effective July 1, 2006. -- Amended 2004 Ky. Acts ch. 121, sec. 13, <br>effective July 1, 2004. -- Amended 2002 Ky. Acts ch. 275, sec. 21, effective July 1, <br>2002. -- Amended 2000 Ky. Acts ch. 498, sec. 14, effective July 1, 2000. -- Amended <br>1998 Ky. Acts ch. 515, sec. 9, effective July 1, 1998. -- Amended 1996 Ky. Acts <br>ch. 359, sec. 10, effective July 1, 1996. -- Amended 1994 Ky. Acts ch. 369, sec. 15, <br>effective July 1, 1994. </p>
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