| Last Action | signed by Governor (Acts ch. 75) |
|---|---|
| Title | AN ACT relating to retirement and declaring an emergency. |
| Bill Documents |
Bill
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| Impact Statements |
Actuarial Analysis
Local Mandate |
| Bill Request Number | 69 |
| Sponsor | M. Cherry |
| Summary of Original Version | Amend KRS 11A.010 to require that the Kentucky Teachers' Retirement System board of trustees to be subject to the executive branch code of ethics; amend KRS 11A.201 to require placement agents who are involved with Kentucky Retirement Systems and Kentucky Teachers' Retirement System investments to register as lobbyists and to define placement agents and unregulated placement agents; amend KRS 11A.236 to exempt placement agents from the contingent fee prohibition in the Executive Branch Code of Ethics as long as the placement agent is not prohibited by federal securities laws from receiving compensation from a government agency; amend KRS 21.440 to require that the audit of the Judicial Form Retirement System shall be performed by the Auditor of Public Accounts at least once every five years and to require the systems to pay all costs of the audit; amend KRS 21.450 to require the Judicial Form Retirement System board to establish ethics policies and procedures, including annual financial and conflict of interest disclosures for members, and to make this information available to the public; amend KRS 21.530 to prohibit members of the Judicial Form Retirement System from serving more than three consecutive terms of office on the board and to prohibit the board chairman from serving more than four consecutive years as chairman; amend KRS 21.540 to prohibit assets of the Judicial Form Retirement System from being used to pay unregulated placement agents, to require the Judicial Form Retirement System to make system expenditures and employee salaries available on a website, and to establish conflict of interest provisions applicable to trustees and employees of the Kentucky Judicial Form Retirement System; amend KRS 61.645 to apply the term limits applicable to elected trustees of the Kentucky Retirement Systems board to appointed trustees and to provide that terms served prior to July 1, 2012 shall be used to determine if a trustee has exceeded the term limits prescribed in this section, to limit requirements for a member's social security number to the last four digits for board nominations made by membership petition, to require members desiring to be elected to the board to submit an application, resume, and complete a background check, to prohibit the chair and vice-chair of the Kentucky Retirement Systems board from serving more than four consecutive years as chair or vice-chair, to require the Kentucky Retirement Systems audit shall be completed by the Auditor of Public Accounts at least once every five years and to require the systems to pay all costs of the audit, to require the Kentucky Retirement Systems to make system expenditures and employee salaries available on a website, and to prohibit assets of the Kentucky Retirement Systems from being used to pay unregulated placement agents; amend KRS 61.655 to include employees of the Kentucky Retirement Systems in conflict of interest provisions regarding their service to the systems and to include additional restrictions to the conflict of interest provisions applicable to employees and trustees of the board; amend KRS 161.250 to provide that terms served prior to July 1, 2012 shall be used to determine if an elective trustee of the Kentucky Teachers' Retirement System has exceeded term limits established under the section and to require the system to make system expenditures and employee salaries available on a website; amend KRS 161.340 to prohibit the chairperson and vice chairperson of the Kentucky Teachers' Retirement System board from serving more than four consecutive years as chairperson and vice chairperson; amend KRS 161.370 to require that the Kentucky Teachers' Retirement System audit shall be completed by the Auditor of Public Accounts at least once every five years and to require the system to pay all costs of the audit; amend KRS 161.430 to prohibit assets of the Kentucky Teachers' Retirement System from being used to pay unregulated placement agents; amend KRS 161.460 to include additional restrictions to the conflict of interest provisions applicable to employees and trustees of the Kentucky Teachers' Retirement System; to allow trustees of the Kentucky Retirement Systems, Kentucky Teachers' Retirement System, and the Judicial Form Retirement System who are currently serving more than three four-year terms on the effective date of this Act to complete their remaining term of office; to apply years served as chair or vice chair of a board prior to the effective date of this Act to apply towards determining whether or not a board chair or vice chair has exceeded term limits for the office; to set July 1, 2011 as the beginning date for the five year period in which the Auditor of Public Accounts must audit the systems; to apply the ban on unregulated placement agents to contracts established or renewed on or after July 1, 2012; EMERGENCY. |
| Index Headings of Original Version |
Actuarial Analysis - State-administered retirement systems, state auditor to perform audit every 5 years, requirement Local Mandate - State-administered retirement systems, state auditor to perform audit every 5 years, requirement General Assembly - Judicial Form Retirement System, board term limits and restrictions Judges and Court Commissioners - Judicial Form Retirement System, board term limits and restrictions Public Officers and Employees - State-administered retirement systems, board term limits and restrictions Retirement and Pensions - State-administered retirement systems, ban on unregulated placement agents Retirement and Pensions - State-administered retirement systems, board term limits, elections, and restrictions Retirement and Pensions - State-administered retirement systems, conflicts of interest for board and system employees Retirement and Pensions - State-administered retirement systems, state auditor to perform audit every 5 years, requirement State Agencies - Kentucky Retirement Systems, board term limits and restrictions |
| Proposed Amendments | Senate Floor Amendment 1 |
| Votes | Vote History |
| 01/23/12 |
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| 01/24/12 |
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| 01/31/12 |
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| 02/09/12 |
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| 02/10/12 |
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| 02/14/12 |
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| 02/16/12 |
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| 02/21/12 |
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| 02/23/12 |
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| 03/20/12 |
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| 03/21/12 |
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| 03/26/12 |
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| 03/27/12 |
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| 03/28/12 |
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| 03/29/12 |
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| 03/30/12 |
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| 04/11/12 |
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| Amendment | Senate Floor Amendment 1 |
|---|---|
| Sponsor | D. Thayer |
| Summary | Retain original provisions; make technical corrections. |
| Index Headings |
Actuarial Analysis - State-administered retirement systems, state auditor to perform audit every 5 years, requirement Local Mandate - State-administered retirement systems, state auditor to perform audit every 5 years, requirement General Assembly - Judicial Form Retirement System, board term limits and restrictions Judges and Court Commissioners - Judicial Form Retirement System, board term limits and restrictions Public Officers and Employees - State-administered retirement systems, board term limits and restrictions Retirement and Pensions - State-administered retirement systems, ban on unregulated placement agents Retirement and Pensions - State-administered retirement systems, board term limits, elections, and restrictions Retirement and Pensions - State-administered retirement systems, conflicts of interest for board and system employees Retirement and Pensions - State-administered retirement systems, state auditor to perform audit every 5 years, requirement State Agencies - Kentucky Retirement Systems, board term limits and restrictions |
Last updated: 8/27/2019 8:05 PM (EDT)