Aa

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Aa

  1. 1. February 6, 2013Donna S. EarlyExecutive DirectorKentucky Judicial Form Retirement System305 Ann StreetSuite 302, Whitaker Bank BuildingFrankfort, Kentucky 40601Dear Donna:Re: Request for Actuarial Analysis - SB 2We have just received a copy of Senate Bill 2 this morning and are currently reviewing thelanguage. It is my understanding that the primary changes would be to close the LegislatorsRetirement Plan as well as the Judicial Retirement Plan to future members.We have done several studies for the Legislators Retirement Plan in accordance with SenateBills 12 and 14, as well as House Bill 20 (providing for various manners of closing that Plan).As such, it will be much less work for us to prepare the additional studies under Senate Bill 2for the Legislators Retirement Plan as compared to the Judicial Retirement Plan. The JudicialRetirement Plan study under Senate Bill 2 will be the first study we have done for this Sessionof the General Assembly for that Plan and will require more time to set up programming andprojections. I anticipate that we could have results for you on the Legislators Retirement Planperhaps as early as next week. However, it will take a much longer time frame to provide youwith similar results for the Judicial Retirement Plan.As we have done in prior studies, any analysis would focus on the impact on the current plansand would not reflect any pension or retiree medical benefits which may be provided to newlyelected legislators and judges.Very truly yours,Alan C. Pennington, F.S.A.

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