|to State & Local Government (S)
|AN ACT relating to retirement.
|Bill Request Number
|J. Tilley, M. Cherry
|Summary of Original Version
|Amend KRS 61.645 and 161.250 to require the boards of the Kentucky Retirement Systems and the Kentucky Teachers' Retirement System to establish a securities litigation policy; require the policy to include: processes for identifying and assessing the value of claims, guidelines for evaluating whether the systems should pursue litigation including establishing a working group comprised of the Attorney General and representatives from the systems to evaluate and make recommendations on potential claims to the board, authority for the Attorney General to submit a separate recommendation to the boards, procedures for selecting an evaluation counsel and a litigation counsel to review and litigate cases, authorization for the working group to establish policies to deal with potential conflicts of interest, processes for sharing information on securities litigation with the Kentucky Teachers' Retirement System; exempt the working group meetings from open meetings laws; require the boards to review potential conflicts of interest that may involve a member of the working group and a potential vendor; amend KRS 11A.010 to add members of the working group to the definition of an "officer" under the Executive Branch Code of Ethics if the members are employees of an agency subject to the Executive Branch Code of Ethics.
|Index Headings of Original Version
Retirement and Pensions - Kentucky Retirement Systems, require board to establish securities litigation policy
Retirement and Pensions - Kentucky Teachers' Retirement System, require board to establish securities litigation policy
State Agencies - Retirement Systems, require boards to establish securities litigation policy
Actuarial Analysis - Retirement Systems, require boards to establish securities litigation policy
Last updated: 8/28/2019 7:34 AM (EDT)