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House Bill 426

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Last Action to State & Local Government (S)
Title AN ACT relating to retirement.
Bill Documents Bill
Impact Statements Actuarial Analysis
Bill Request Number 29
Sponsors 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
Votes Vote History

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02/12/10
  • introduced in House
02/17/10
  • to State Government (H)
  • posting waived
03/04/10
  • reported favorably, 1st reading, to Consent Calendar
03/05/10
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Monday, March 8, 2010
03/08/10
  • 3rd reading, passed 95-0
03/09/10
  • received in Senate
03/10/10
  • to State & Local Government (S)


Last updated: 8/28/2019 7:34 AM (EDT)