The letter requests an actuarial analysis of Senate Bill 2, which would close the Legislators Retirement Plan and Judicial Retirement Plan to future members. The analysis of the Legislators Retirement Plan can be completed more quickly as prior studies have been done, while the analysis of the Judicial Retirement Plan will take longer as it is the first study of that plan for this legislative session. Any analysis will focus on the impact to the current plans and not benefits for newly elected officials.
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1. February 6, 2013
Donna S. Early
Executive Director
Kentucky Judicial Form Retirement System
305 Ann Street
Suite 302, Whitaker Bank Building
Frankfort, Kentucky 40601
Dear Donna:
Re: Request for Actuarial Analysis - SB 2
We have just received a copy of Senate Bill 2 this morning and are currently reviewing the
language. It is my understanding that the primary changes would be to close the Legislators
Retirement Plan as well as the Judicial Retirement Plan to future members.
We have done several studies for the Legislators Retirement Plan in accordance with Senate
Bills 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 2
for the Legislators Retirement Plan as compared to the Judicial Retirement Plan. The Judicial
Retirement Plan study under Senate Bill 2 will be the first study we have done for this Session
of the General Assembly for that Plan and will require more time to set up programming and
projections. I anticipate that we could have results for you on the Legislators Retirement Plan
perhaps as early as next week. However, it will take a much longer time frame to provide you
with similar results for the Judicial Retirement Plan.
As we have done in prior studies, any analysis would focus on the impact on the current plans
and would not reflect any pension or retiree medical benefits which may be provided to newly
elected legislators and judges.
Very truly yours,
Alan C. Pennington, F.S.A.