17RS House Bill 41

House Bill 41

Actions

Last Action	to State Government (H)
Title	AN ACT relating to the independence and transparency of the board of trustees of the Kentucky Retirement Systems and declaring an emergency.
Bill Documents	Introduced
Impact Statements	Actuarial Analysis
Bill Request Number	86
Sponsors	J. Kay, J. Richards
Summary of Original Version	Amend KRS 12.028 to prevent the Governor from effecting any reorganization of the Kentucky Retirement Systems board of trustees; amend KRS 63.080 to prevent the Governor from removing trustees of the Kentucky Retirement Systems, except upon conviction of a felony or for a finding of an ethical violation as provided under KRS 61.645; amend KRS 61.645 to change the composition of the Kentucky Retirement Systems board of trustees to eight elected trustees and five appointed trustees, removing one gubernatorial appointment and the secretary of the Personnel Cabinet from the board; limit the definition of "investment experience"; provide that a vacancy of an elected trustee shall be filled upon a vote of a majority of the remaining elected trustees and that the vacancy shall be filled within 90 days; place the Kentucky Retirement Systems under the Model Procurement Code; establish that any raises to Kentucky Retirement Systems staff be no higher than KRS Chapter 18A employees; require disclosure of all holdings, fees, and commissions by individual investment managers, require the Kentucky Retirement Systems to report returns net of fees; require disclosure of all contracts or offering documents and contract disclosure of investment contracts to the board, the Auditor of Public Accounts and the Government Contract Review Committee; establish a ban on placement agents; amend KRS 61.650 to impose on the Kentucky Retirement Systems board of trustees, staff, and contract investment advisors the CFA Institute Codes of Conduct; amend KRS 12.020 and 18A.035 to make technical and conforming amendments; provide a delayed effective date for the changes to the board composition, direct the Kentucky Retirement Systems to hold elections and prescribe the initial terms of office for the new elected members; EMERGENCY.
Index Headings of Original Version	Governor - Reorganization of agencies, limitations Retirement and Pensions - Kentucky Retirement Systems, board of trustees State Agencies - Kentucky Retirement Systems, board of trustees State Employees - Retirement and pensions, Kentucky Retirement Systems, board of trustees Actuarial Analysis - Retirement and pensions, Kentucky Retirement Systems, board of trustees

09/15/16	Prefiled by the sponsor(s).
01/03/17	introduced in House to State Government (H)