HB 642

Amend KRS 161.520 to remove the requirement for dependent children over the age of 18 to have their mental or physical condition approved by a majority of a medical review committee to receive survivor benefits; amend KRS 161.605 to raise the minimum amount a retired reemployed member may earn per day from $170 to $200, remove the provision for returning to work 1 month earlier if the member forfeits 1 month of their retirement benefit, reinstate the pension waiver program and prohibit members returning to work under its provisions from returning to work as administrators, and make technical changes; amend KRS 161.608 to clarify that the Teachers' Retirement System (TRS) will acknowledge a member's earliest participation date in another state administered retirement system to determine benefit tier; amend KRS 161.620 to allow a member who is a parent to apply for and manage payments to a disabled child without necessity of a court order or other legal authority; amend KRS 161.635 and 161.636 to allow TRS to offer index fund investment options to university and nonuniversity members, to annuitize the investment return on the supplemental benefit applied to the index funds not to exceed 6.1% if there is no COLA in a given year or 4.6% if there is a COLA in the given year, allow TRS to promulgate administrative regulations to establish procedures for disbursements from the supplemental benefit component, and establish that neither the TRS board or staff shall be liable for any losses or claims due to a member's election of an index fund and state that members have the sole responsibility for their investment decisions.