House Bill 551

Actions
Last Action 03/01/18: to State Government (H)
Title AN ACT relating to the fiduciary duties of the trustees and investment managers for the state-administered retirement systems.
Bill Documents Introduced
Bill Request Number 871
Sponsors J. Wayne, R. Adkins, J. Richards
Summary of Original Version Amend KRS 21.540, 61.650, and 161.430 to require the state-administered retirement systems to follow the state Model Procurement Code when contracting for investment management services; amend KRS 61.645 to grant the Attorney General concurrent jurisdiction to investigate and prosecute violations of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems; amend KRS 161.250 to grant the Attorney General concurrent jurisdiction to investigate and prosecute violations of the ethical and fiduciary duties of trustees and investment managers for the Teachers' Retirement System; amend KRS 61.990 and 161.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems and the Teachers' Retirement System shall be a Class D felony.
Index Headings of Original Version Crimes and Punishments - Retirement and pensions, violation of fiduciary or ethical duties, Class D felony
Ethics - Retirement and pensions, violation of fiduciary or ethical duties
Public Officers and Employees - Retirement and pensions, violation of fiduciary or ethical duties
Retirement and Pensions - State-administered retirement systems, investment contracts subject to Model Procurement Code
Retirement and Pensions - Violation of fiduciary or ethical duties, Class D felony

Actions

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02/27/18
  • introduced in House
03/01/18
  • to State Government (H)


Last updated: 9/1/2020 2:57 PM (EDT)
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