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Senate Bill 183

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Legislative History
Last Action	03/27/25: delivered to Secretary of State (Acts Ch. 115)
Title	AN ACT relating to the fiduciary duties owed to the state-administered retirement systems.
Bill Documents	Acts Chapter 115 Current/Final Introduced
Fiscal Impact Statements	Actuarial Analysis Additional Fiscal Impact Statements Exist
Bill Request Number	1546
Sponsors	M. Nunn, S. Rawlings, S. Madon, R. Mills, C. Richardson, L. Tichenor, P. Wheeler, G. Williams
Summary of Enacted Version	Amends KRS 21.450, 61.650, 78.790, and 161.430, relating to the fiduciary duties owed to the state-administered retirement systems, to define "shareholder-sponsored proposal," "economic analysis," and "proxy adviser"; requires a proxy adviser under contract with a state-administered retirement system to conduct and document an economic analysis prior to voting on or recommending a vote on a shareholder-sponsored proposal that is inconsistent with the recommendation of the board of directors of the issuer of shares in order to demonstrate that a vote against management's recommendation is solely in the interest of the retirement plan members and beneficiaries; and makes technical corrections.
Summary of Original Version	Amend KRS 21.450, 61.650, 78.790, and 161.430 relating to the fiduciary duties owed to the state-administered retirement systems to define "shareholder-sponsored proposal" and "economic analysis"; require a proxy adviser under contract with a state-administered retirement system to conduct and document an economic analysis prior to voting on or recommending a vote on a shareholder-sponsored proposal that is inconsistent with the recommendation of the board of directors of the issuer of shares in order to demonstrate that a vote against management's recommendation is solely in the interest of the retirement plan members and beneficiaries; make technical corrections.
Index Headings of Original Version	Fiduciaries - State-administered retirement systems, economic analysis of shareholder proposals, requirement Retirement and Pensions - State-administered retirement systems, economic analysis of shareholder proposals, requirement State Agencies - State-administered retirement systems, economic analysis of shareholder proposals, requirement Actuarial Analysis - State-administered retirement systems, economic analysis of shareholder proposals, requirement
Jump to Proposed Amendments	Senate Committee Substitute 1 with Fiscal Impact Statements
Votes	Vote History
Governor's Veto Message	Veto

Actions

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02/14/25	introduced in Senate to Committee on Committees (S)
02/19/25	to State & Local Government (S)
02/26/25	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/27/25	2nd reading, to Rules
02/28/25	posted for passage in the Regular Orders of the Day for Tuesday, March 04, 2025
03/04/25	3rd reading, passed 32-6 with Committee Substitute (1)
03/05/25	received in House to Committee on Committees (H)
03/07/25	to Banking & Insurance (H)
03/12/25	reported favorably, 1st reading, to Calendar
03/13/25	2nd reading, to Rules
03/14/25	taken from Rules placed in the Orders of the Day 3rd reading, passed 83-6 received in Senate enrolled, signed by President of the Senate enrolled, signed by Speaker of the House delivered to Governor
03/26/25	Vetoed
03/27/25	received in Senate to Rules (S) posted for passage for consideration of Governor's veto veto overridden passed 31-7 received in House to Rules (H) taken from Rules posted for consideration of Governor's veto veto overridden passed 72-17 received in Senate enrolled, signed by President of the Senate enrolled, signed by Speaker of the House delivered to Secretary of State (Acts Ch. 115)

Proposed Amendments

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Amendment	Senate Committee Substitute 1
Fiscal Impact Statement	Actuarial Analysis to Senate Committee Substitute 1
Summary	Retain original provisions, except amend KRS 21.450, 61.650, 78.790, and 161.430 to define "proxy adviser."
Index Headings	Fiduciaries - State-administered retirement systems, proxy adviser Retirement and Pensions - State-administered retirement systems, proxy adviser State Agencies - State-administered retirement systems, proxy adviser Actuarial Analysis - State-administered retirement systems, proxy adviser

Last updated: 7/24/2025 3:26 PM (EDT)