15RS House Bill 49

House Bill 49

Actions

Last Action	to State Government (H)
Title	AN ACT relating to retirement.
Bill Documents	Bill
Impact Statements	Actuarial Analysis
Bill Request Number	91
Sponsors	J. Wayne, J. Miller
Summary of Original Version	Amend KRS 21.540 to require the Legislators' Retirement Plan and Judicial Retirement Plan to follow the provisions of KRS Chapters 45A, 56, and 57 regarding procurement of services, goods, and property; provide that no funds of the Legislators' Retirement Plan or Judicial Retirement Plan shall be used to pay placement agents; amend KRS 61.645 to modify the minimum requirements for gubernatorial appointees to the Kentucky Retirement Systems board of trustees with investment expertise; require the Kentucky Retirement Systems to follow the provisions of KRS Chapters 45, 45A, 56, and 57 regarding budgeting and the procurement of services, goods, and property; require the Kentucky Retirement Systems to disclose on its Web site and upon request investment fees in addition to investment holdings and commissions; require the Kentucky Retirement Systems to disclose on its Web site and upon request all contracts and offering documents for services, goods, or property purchased or utilized by the systems; provide that no funds of the Kentucky Retirement Systems shall be used to pay placement agents; amend KRS 161.250 to require Kentucky Teachers' Retirement System to disclose on its Web site and upon request investment fees in addition to investment holdings and commissions; require the Kentucky Teachers' Retirement System to disclose on its Web site and upon request all contracts and offering documents for services, goods, or property purchased or utilized by the systems; amend KRS 161.340 to require the Kentucky Teachers' Retirement System to follow the provisions of KRS Chapters 45, 45A, 56, and 57 regarding budgeting and the procurement of services, goods, and property; amend KRS 161.430 to provide that Kentucky Teachers' Retirement System's board, staff, and investment advisors shall adhere to the CFA Institute's codes of conduct; provide that no funds of the Kentucky Teachers' Retirement System shall be used to pay placement agents; establish noncodified sections to require the Public Pension Oversight Board to study and provide a report by December 1, 2015, as to whether or not legislative action should be taken to separate the administration of the County Employees Retirement System from the Kentucky Retirement Systems; require the Public Pension Oversight Board to study and provide a report by December 1, 2015, as to whether or not legislative action should be taken to transfer administration of the Judicial Retirement Plan and the Legislators' Retirement Plan to the Kentucky Retirement Systems; provide that the amendments in this Act requiring the state-administered retirement systems to be subject to state procurement laws and banning the use of system assets to pay placement agents shall apply to contracts established or renewed on or after July 1, 2015; provide that amendments in this Act modifying the requirements for gubernatorial appointments to the Kentucky Retirement Systems' board with investment expertise shall apply to appointments or reappointments made on or after the effective date of this Act.
Index Headings of Original Version	General Assembly - Legislators' Retirement Plan, ban placement agents and require adherence to state contract laws General Assembly - Legislators' Retirement Plan, study transferring administration to Kentucky Retirement Systems Public Officers and Employees - State-administered retirement systems, ban placement agents, require adherence to state contract law Retirement and Pensions - Kentucky Retirement Systems, requirements for appointees with investment expertise Retirement and Pensions - Public Pension Oversight Board, study moving administration of judicial and legislative plans Retirement and Pensions - Public Pension Oversight Board, study moving administration of County Employees Retirement System Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Studies Directed - Public Pension Oversight Board, moving administration of judicial and legislative retirement plans Studies Directed - Public Pension Oversight Board, study moving administration of County Employees Retirement System Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law

10/23/14	Prefiled by the sponsor(s).
11/12/14	To: Interim Joint Committee on State Government
01/06/15	introduced in House to State Government (H)