67A.520 Contributions by government -- Injunction or mandamus requiring

386 words·~2 min read·/ky/67a-520

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compliance. The government shall make annual contributions to the fund toward the annuities and benefits provided by KRS 67A.360 to 67A.690 based upon the results of the annual actuarial valuation of the fund required by KRS 67A.560(6)(c). These contributions by the government shall be equal to the sum of the normal contribution amount and an additional amount to be known as the actuarially accrued liability contribution amount.

(1)For purposes of this section, the normal contribution amount shall be an annual

amount that, when combined with all active member contributions to the fund, is

sufficient to fund the benefits earned during the year.

(2)For purposes of this section, the actuarially accrued liability contribution amount

shall be an annual amount that is sufficient to amortize the total unfunded

actuarially accrued liability of the fund over a period of thirty

(30)years, using the

level-dollar amortization method, for a period beginning July 1, 2013, and ending

June 30, 2043. The level-dollar amortization method shall be used to determine the

government's contribution payable on or after July 1, 2013.

(3)The government contribution to the fund computed under this section shall:

(a)Be determined using the entry age normal cost method;

(b)Effective July 1, 2013, and for each fiscal year thereafter, not be less than

twenty million dollars ($20,000,000) annually for the thirty

(30)year period

occurring on or after July 1, 2013, unless the pension fund has an actuarial

funding level equal to or greater than one hundred percent (100%) as

determined by the actuarial valuation of the fund, in which case, the

contribution payable by the government shall be equal to the normal

contribution amount specified by this section; and

(c)Be fixed by the board annually, in accordance with this section and based

upon the results of the annual actuarial valuation required by KRS 67A.560

(6)(c), and shall be in effect for a period of one

(1)fiscal year. The board shall

notify the government of the rates payable under this section following the

board's acceptance of the actuarial valuation.

(4)In addition to other remedies provided by law, any member of the fund or any

annuitant may obtain in the Circuit Court of any county in which the government is

located an injunction or mandamus requiring the government to comply with this

section.