Kentucky
General Assembly

Search

Senate Bill 2

Actions | Amendments
Last Action signed by Governor
Title AN ACT relating to retirement and declaring an emergency.
Bill Documents Current/Final
Introduced
Impact Statements Actuarial Analysis
Bill Request Number 485
Sponsors J. Bowen, C. McDaniel, J. Adams, R. Alvarado, D. Carroll, R. Girdler, P. Hornback, D. Thayer, M. Wilson, M. Wise
Summary of Original Version Amend KRS 21.530 to require Senate confirmation of the gubernatorial appointments to the Judicial Form Retirement System; amend KRS 21.540 to require the Judicial Form Retirement System, which administers the Legislators' Retirement Plan and the Judicial Retirement Plan, to post descriptive and financial information to the system's Web site, and to delineate that investment fee and commission reporting include profit sharing, carried interest, and partnership incentives; amend KRS 61.645 to narrow the definition of investment experience on the board of trustees, to specify that vacancies to elected positions be filled by majority vote of the remaining elected members, to require Senate confirmation of gubernatorial appointments to the board, and to delineate that investment fee and commission reporting requirements for the Kentucky Retirement Systems shall include profit sharing, carried interest, and partnership incentives; provide that the systems may not have to disclose contracts on a Web site if disclosure would result in a competitive disadvantage, but require those contracts to be released to the trustees, the State Auditor, and the LRC Govt. Contract Review Committee, subject to the redaction of otherwise exempted material; subject the Kentucky Retirement Systems to KRS Chapter 18A regarding personnel; cap the reimbursement rate for legal services at the Government Contract Review Committee maximum hourly rate; make technical amendments; amend KRS 161.250 to add two gubernatorial appointments to the board subject to Senate confirmation, to specify that investment fee and commission reporting requirements for the Kentucky Teachers' Retirement System must include profit sharing, carried interest, and partnership incentives; provide that the Teachers' Retirement System may not have to disclose contracts on a Web site if disclosure would result in a competitive disadvantage, but require those contracts to be released to the trustees, the State Auditor, and the LRC Govt. Contract Review Committee, subject to the redaction of otherwise exempted material; cap the reimbursement rate for legal services to the Teachers' Retirement System at the Government Contract Review Committee maximum hourly rate; amend various KRS sections to place all state retirement systems under the Model Procurement Code regarding contracts and improve definition of placement agents to include nonemployees and subsidiary firms; amend KRS 7A.220 to increase the membership of the Public Pension Oversight Board; amend KRS 7A.255 to require annual reporting of the percentage of system assets being reported by external managers and partnerships; amend KRS 6.350 to declare noncompliant any actuarial analyses returning negligible or indeterminable cost results; EMERGENCY.
Index Headings of Original Version Effective Dates, Emergency - State-administered retirement systems, transparency of
General Assembly - Legislators' Retirement Plan, ban on placement agents, state contract laws
General Assembly - Senate, confirmation of appointments to retirement systems
Public Officers and Employees - State-administered retirement systems, ban on placement agents, state contract laws
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 on placement agents, state contract laws
Actuarial Analysis - State-administered retirement systems, ban on placement agents, state contract laws
Proposed Amendments Senate Committee Substitute 1
House Floor Amendment 1
House Floor Amendment 2
House Floor Amendment 3
Votes Vote History

Actions

Top | Amendments
01/03/17
  • introduced in Senate
  • taken from Committee on Committees (S)
  • 1st reading
  • returned to Committee on Committees (S)
  • to State & Local Government (S)
01/04/17
  • taken from State & Local Government (S)
  • 2nd reading
  • returned to State & Local Government (S)
02/08/17
  • reported favorably, to Rules with Committee Substitute (1)
  • posted for passage in the Regular Orders of the Day for Wednesday, February 8, 2017
  • 3rd reading, passed 37-0 with Committee Substitute (1)
02/09/17
  • received in House
02/13/17
  • to State Government (H)
02/14/17
  • posted in committee
02/16/17
  • reported favorably, 1st reading, to Calendar
  • floor amendment (1) filed
02/17/17
  • floor amendment (2) filed
02/21/17
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Wednesday, February 22, 2017
02/22/17
  • floor amendment (3) filed
02/23/17
  • 3rd reading
  • floor amendment (3) defeated
  • floor amendment (2) ruled out of order
  • passed 99-0 with floor amendment (1)
02/24/17
  • received in Senate
  • to Rules (S)
  • posted for passage for concurrence in House floor amendment (1) for Monday, February 27, 2017
02/27/17
  • Senate concurred in House floor amendment (1)
  • Bill passed 35-0
02/28/17
  • enrolled, signed by President of the Senate
  • enrolled, signed by Speaker of the House
  • delivered to Governor
03/10/17
  • signed by Governor

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Impact Statements Actuarial Analysis
Summary Retain original provisions; amend KRS 21.530 to require that the gubernatorial appointments to the Judicial Form Retirement System have "investment experience" and define "investment experience"; amend KRS 61.645 to expand the board of trustees of the Kentucky Retirement Systems from 13 to 17 trustees, adding four more gubernatorial appointees; confirm the Governor's executive order 2016-340 to the extent that it is not otherwise confirmed or superseded by other provisions; make conforming amendments to KRS 61.645 and 61.650; declare an EMERGENCY.
Index Headings Effective Dates, Emergency - State-administered retirement systems, transparency of
General Assembly - Legislators' Retirement Plan, ban on placement agents, state contract laws
General Assembly - Senate, confirmation of appointments to retirement systems
Public Officers and Employees - State-administered retirement systems, ban on placement agents, state contract laws
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 on placement agents, state contract laws
Actuarial Analysis - State-administered retirement systems, ban on placement agents, state contract laws

Amendment House Floor Amendment 1
Sponsor J. Miller
Summary Restore in KRS 161.340 current exemption as to the employment of the executive secretary of the Teachers' Retirement System from the Model Procurement Code; specify the sections of Executive Order 2016-340 confirmed by the bill.
Index Headings Effective Dates, Emergency - State-administered retirement systems, transparency of
General Assembly - Legislators' Retirement Plan, ban on placement agents, state contract laws
General Assembly - Senate, confirmation of appointments to retirement systems
Public Officers and Employees - State-administered retirement systems, ban on placement agents, state contract laws
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 on placement agents, state contract laws
Actuarial Analysis - State-administered retirement systems, ban on placement agents, state contract laws

Amendment House Floor Amendment 2
Sponsor J. Wayne
Summary Create a new section of KRS Chapter 11A to require statewide constitutional officers to file with the Executive Branch Ethics Commission a statement indicating the candidate's financial interest in any of the state retirement funds.
Index Headings Effective Dates, Emergency - State-administered retirement systems, transparency of
General Assembly - Legislators' Retirement Plan, ban on placement agents, state contract laws
General Assembly - Senate, confirmation of appointments to retirement systems
Public Officers and Employees - State-administered retirement systems, ban on placement agents, state contract laws
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 on placement agents, state contract laws
Actuarial Analysis - State-administered retirement systems, ban on placement agents, state contract laws

Amendment House Floor Amendment 3
Sponsor J. Kay
Summary Amend KRS 61.645 to require Kentucky Retirement Systems investment fee and commission disclosures to be mandatory and be disclosed by the manager, including underlying managers; require that disclosures include profit sharing, carried interest, and partnership incentives; require public disclosure of all Kentucky Retirement Systems contracts, including investment contracts.
Index Headings Effective Dates, Emergency - State-administered retirement systems, transparency of
General Assembly - Legislators' Retirement Plan, ban on placement agents, state contract laws
General Assembly - Senate, confirmation of appointments to retirement systems
Public Officers and Employees - State-administered retirement systems, ban on placement agents, state contract laws
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 on placement agents, state contract laws
Actuarial Analysis - State-administered retirement systems, ban on placement agents, state contract laws

Last updated: 1/16/2019 3:02 PM (EST)