Updated with correction.
Kentucky Community & Technical College System, Versailles, Ky., is searching for a consultant to advise the system on the financial impact of recent pension reform legislation.
According to an RFP posted on the system's procurement website, the system is seeking a firm to advise board of regents, administration and staff on the financial and related impacts of House Bill 1, which was signed into law by Gov. Matt Bevin on July 24.
The law allows 118 quasi-governmental agencies, such as the community and technical college system, to leave the $2 billion Kentucky Employees Retirement System for Non-Hazardous employees if unable or unwilling to pay rising pension contribution costs.
Employers that leave the pension plan would direct their employees into a defined contribution option.
The RFP also said the chosen firm would assist the system in all aspects of a bond issuance process if such a process is required by the law.
KERS non-hazardous, which was 12.9% funded with 122,788 members as of June 30, 2018, its most recent annual financial report shows, is part of the $12.8 billion Kentucky Retirement Systems, Frankfort. KCTCS' share of assets could not be immediately learned.
The RFP is available on the system's procurement website. Proposals are due at 4 p.m. EDT on Sept. 11. A timetable for a decision has yet to be determined.
Joseph L. Mattingly, lead procurement to payment analyst, could not be immediately reached to provide further information.