Kentucky
General Assembly

01/06/16	introduced in Senate
01/07/16	to State & Local Government (S)
01/27/16	reported favorably, 1st reading, to Calendar with Committee Substitute and committee title amendment
01/28/16	2nd reading, to Rules
02/01/16	posted for passage in the Regular Orders of the Day for Tuesday, February 2 floor amendments (1), (2) filed to Committee Substitute
02/02/16	3rd reading, passed 38-0 with Committee Substitute (1), committee amendment (1-title), floor amendments (1), (2)
02/04/16	received in House
02/08/16	to State Government (H)
03/15/16	posted in committee
03/17/16	reported favorably, 1st reading, to Calendar
03/18/16	2nd reading, to Rules
03/24/16	posted for passage in the Regular Orders of the Day for Friday, March 25, 2016
04/01/16	floor amendment (1) and (2) filed

Amendment	Senate Committee Substitute 1
Impact Statements	Actuarial Analysis
Summary	Amends KRS 21.540 to require the Judicial Form Retirement System, who administers the Legislators' Retirement Plan and the Judicial Retirement Plan, to post descriptive and financial information to the system's website; amend KRS 61.645 to specify that investment fee and commission reporting requirements for KRS shall include profit sharing, carried interest, and partnership incentives; provides that KRS may not have to disclose contracts on a website if disclosure would result in competitive disadvantage but requires those contracts to be released to the trustees, State Auditor, and the LRC Govt. Contract Review Committee; makes technical amendments; amends KRS 161.250 to specify that investment fee and commission reporting requirements for KTRS shall include profit sharing, carried interest, and partnership incentives; provides that KTRS may not have to disclose contracts on a website if disclosure would result in competitive disadvantage but requires those contracts to be released to the trustees, State Auditor, and the LRC Govt. Contract Review Committee; declare an EMERGENCY.
Index Headings	Effective Dates, Emergency - State-administered retirement systems, transparency of 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 in Retirement and Pensions - Kentucky Teachers' Retirement System, new trustees, appointment to Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law General Assembly - Senate, confirmation of appointments to

Amendment	Senate Committee Amendment 1
Sponsor	J. Bowen
Summary	Make title amendment.
Index Headings	Effective Dates, Emergency - State-administered retirement systems, transparency of 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 in Retirement and Pensions - Kentucky Teachers' Retirement System, new trustees, appointment to Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law General Assembly - Senate, confirmation of appointments to

Amendment	Senate Floor Amendment 1
Sponsor	J. Higdon
Summary	Retain original provisions; amend KRS 61.645 to require employees of Kentucky Retirement Systems to be covered by the state personnel system established pursuant to KRS 18A.005 to 18A.204.
Index Headings	Effective Dates, Emergency - State-administered retirement systems, transparency of 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 in Retirement and Pensions - Kentucky Teachers' Retirement System, new trustees, appointment to Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law General Assembly - Senate, confirmation of appointments to

Amendment	Senate Floor Amendment 2
Sponsor	J. Higdon
Summary	Retain original provisions; amend KRS 7A.220 to add six additional legislative members to the Public Pension Oversight Board.
Index Headings	Effective Dates, Emergency - State-administered retirement systems, transparency of 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 in Retirement and Pensions - Kentucky Teachers' Retirement System, new trustees, appointment to Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law General Assembly - Senate, confirmation of appointments to

Amendment	House Floor Amendment 1
Piggyback?	Yes
Sponsor	R. Nelson
Summary	Retain original provisions, amend KRS 161.520 to remove marriage as a disqualifying event for a widow or widower who was married to a deceased contributing member for not less than five (5) years.
Index Headings	Effective Dates, Emergency - State-administered retirement systems, transparency of 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 in Retirement and Pensions - Kentucky Teachers' Retirement System, new trustees, appointment to Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law General Assembly - Senate, confirmation of appointments to

Amendment	House Floor Amendment 2
Sponsor	J. Kay
Summary	Delete provisions of bill; amend KRS 21.540 to require the Legislators' Retirement Plan and Judicial Retirement Plan to follow the provisions of KRS Chapters 45, 45A, 56, and 57 regarding procurement of services, goods, and property; prohibit funds of the Legislators' Retirement Plan or Judicial Retirement Plan from being used to pay placement agents; require the Judicial Form Retirement System, who administers the Legislators' Retirement Plan and the Judicial Retirement Plan, to post descriptive and financial information to the system's website; amend KRS 61.645 to modify the minimum requirements for gubernatorial appointees to the Kentucky Retirement Systems board of trustees; 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 investment fee and commission reporting requirements for KRS to include profit sharing, carried interest, and partnership incentives; require the Kentucky Retirement Systems to disclose on its Web site and upon request all offering documents for services, goods, or property purchased or utilized by the systems; require all contracts to be released to the trustees, State Auditor, Governor, and members of the General Assembly provided the person receiving the contracts signs a confidentiality agreement; prohibit funds of the Kentucky Retirement Systems from being used to pay placement agents; require annual increments paid to Kentucky Retirement Systems employees to not exceed the amount provided to general state employees; amend KRS 61.650 to require the Kentucky Retirement Systems board, staff, and investment advisors to adhere to the CFA Institute's codes of conduct; amend KRS 161.250 to increase by two the number of trustees on the Kentucky Teachers' Retirement System board of trustees, one of whom shall have investment experience, to be appointed by the Governor, and one who shall be a retiree elected by the membership; require Kentucky Teachers' Retirement System to disclose on its Web site, and upon request, investment fees in addition to investment holdings and commissions; require investment fee and commission reporting requirements for KTRS to include profit sharing, carried interest, and partnership incentives; require the Kentucky Teachers' Retirement System to disclose on its Web site, and upon request, all offering documents for services, goods, or property purchased or utilized by the systems; require all contracts to be released to the trustees, State Auditor, Governor and members of the General Assembly provided the person receiving the contracts signs a confidentiality agreement; 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 require the Kentucky Teachers' Retirement System's board, staff, and investment advisors to adhere to the CFA Institute's codes of conduct; prohibit funds of the Kentucky Teachers' Retirement System from being used to pay placement agents; amend KRS 161.300 to increase the quorum requirements of the Kentucky Teachers' Retirement System's board of trustees; amend KRS 7A.220 to add six additional legislative members to the Public Pension Oversight Board; require that the amendments in the bill requiring the state-administered retirement systems to be subject to state procurement laws and banning the use of system assets to pay placement agents to apply to contracts established or renewed on or after July 1, 2016; require amendments in the bill modifying the requirements for gubernatorial appointments to the Kentucky Retirement Systems' board to apply to appointments or reappointments made on or after the effective date of the bill; EMERGENCY.
Index Headings	Effective Dates, Emergency - State-administered retirement systems, transparency of 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 in Retirement and Pensions - Kentucky Teachers' Retirement System, new trustees, appointment to Retirement and Pensions - State-administered retirement systems, ban placement agents, require adherence to state contract law Actuarial Analysis - State-administered retirement systems, ban placement agents, require adherence to state contract law General Assembly - Senate, confirmation of appointments to