{"data":{"id":"us-ky/krs-161.552","jurisdiction":"us-ky","citation":"KRS 161.552","heading":"Definitions for section -- Employer contributions for retiree health benefits","body":"to be deposited into state accumulation fund when medical insurance fund\nreaches actuarial funding level of at least one hundred percent -- Restoration\nof funding.\n(1) As used in this section:\n(a) \"Funding level\" means the actuarial value of assets divided by the actuarially\naccrued liability expressed as a percentage that is determined and reported by\nthe retirement system's actuary in the retirement system's annual  actuarial\nvaluation for the medical insurance fund;\n(b) \"Medical insurance fund\" means all contributions and amounts included in the\nfunds established in KRS 161.420(5) and 161.677; and\n(c) \"State accumulation fund\" means the fund established in KRS 161.420(3).\n(2) Except as provided in subsection (3) of this section, when the medical insurance\nfund has reached an actuarial funding level of at least one hundred percent (100%)\nas determined by the annual actuarial valuation, the employer contributions for\nretiree health benefits as provided in KRS 161.550(1)(a)2., (b)2., (c)2., (d)3., and\n(e)3. and (3) shall be deposited into the state accumulation fund to help pay down\nthe unfunded liabilities of pension annuities instead of being deposited into the\nmedical insurance fund. Deposits to the state accumulation fund shall occur on and\nafter the beginning of the fiscal year following the annual actuarial valuation in\nwhich the criteria of this subsection are first met.\n(3) After reaching an actuarial funding leve l of at least one hundred percent (100%), if\nthe actuarial funding level of the medical insurance fund falls below ninety -five\npercent (95%) as determined by the annual actuarial valuation, the employer\ncontributions for retiree health benefits as provided  in KRS 161.550(1)(a)2., (b)2.,\n(c)2., (d)3., and (e)3. and (3) shall be deposited into the medical insurance fund\ninstead of the state accumulation fund. Deposits to the medical insurance fund shall\noccur on and after the beginning of the fiscal year foll owing the annual actuarial\nvaluation in which the criteria of this subsection are met and shall continue until the\nactuarial funding level of the medical insurance fund is at least one hundred percent\n(100%). When the medical insurance fund regains an actu arial funding level of at\nleast one hundred percent (100%), the provisions of subsection (2) of this section\nshall apply.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56464","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"6c977b0443000209c3fd34f310f87b9bb6dce91f003f9eadb7f3ca0f4cf28fac","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.550","next":"us-ky/krs-161.553"},"notice":"GroundRules: Original legal text. Not legal advice."}