SB113
WWW Version
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SB 113 / AA/LM (BR 465) - W. Westerfield
AN ACT relating to retirement benefits for local elected officials and declaring an emergency.
Amend KRS 61.637 to allow a mayor or member of a city legislative body who does not have service credit in the County Employees Retirement System (CERS) for his or her service to the city to retire and draw benefits from CERS for other covered employment without resigning from his or her position as mayor or member of a city legislative body; amend KRS 78.540 to provide that a mayor or member of a city legislative body who has been required to participate in CERS due to other covered employment, or because of failure to make an election to not participate as provided by this section, may elect to not participate in CERS for service as mayor or member of the city legislative body and to receive a refund of contributions for his or her service as a mayor or member of a city legislative body; EMERGENCY.
AMENDMENTS
HCS1/AA/LM - Retain original provisions; amend KRS 61.645 to allow the Kentucky Retirement Systems' board to promulgate an administrative regulation to conduct trustee elections by electronic ballot and to make technical changes; EMERGENCY
HCA1( J. Miller ) - Make title amendment.
HFA1( J. Miller ) - Delete original provisions; amend KRS 61.645 to allow the Kentucky Retirement Systems' board to promulgate an administrative regulation to conduct trustee elections by electronic ballot and to make technical changes.
HFA2( J. Miller ) - Make title amendment.
HFA3( J. Kay ) - Retain original provisions of HFA1; amend KRS 61.645 to require the Kentucky Retirement Systems (KRS) to follow the state Model Procurement Code when contracting for investment management services; provide that KRS board members may also be removed for a violation of fiduciary duties or conflict of interest; provide that a KRS board member shall not be considered as acting in good faith if they fail to disclose a conflict of interest; 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; specify investment fee and commission reporting to include underlying fund of fund fees; require investment managers failing to disclose investment holdings, fees, and commissions to forfeit any fees or commission paid by KRS; subject investment contracts made by the Kentucky Retirement System to full public disclosure; amend KRS 61.650 to require investment managers to formally adopt the CFA Institute's codes of conduct; require that failure to adhere to the codes result in the forfeiture of any fees or commissions paid by the Kentucky Retirement Systems; make conforming amendments; amend KRS 61.655 to amend conflict-of-interest provisions to prohibit a trustee and employees of the Kentucky Retirement Systems from having a contractual agreement with or interest in any entities providing services to the systems and from receiving, directly or indirectly, any interest, fees, or profit from entities that provide services to the Kentucky Retirement Systems; require trustees, members of the General Assembly, and public servants to adhere to relevant conflict-of-interest provisions during tenure and for five years following termination; require trustees and employees of the Kentucky Retirement Systems to file annual conflict-of-interest statements with the Kentucky Retirement Systems beginning on January 1, 2019; amend KRS 61.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems is a Class D felony.
HFA4( J. Kay ) - Retain original provisions; amend KRS 61.645 to require the Kentucky Retirement Systems (KRS) to follow the state Model Procurement Code when contracting for investment management services; provide that KRS board members may also be removed for a violation of fiduciary duties or conflict of interest; provide that a KRS board member shall not be considered as acting in good faith if they fail to disclose a conflict of interest; 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; specify investment fee and commission reporting to include underlying fund of fund fees; require investment managers failing to disclose investment holdings, fees, and commissions to forfeit any fees or commission paid by KRS; subject investment contracts made by the Kentucky Retirement System to full public disclosure; amend KRS 61.650 to require investment managers to formally adopt the CFA Institute's codes of conduct; require that failure to adhere to the codes result in the forfeiture of any fees or commissions paid by the Kentucky Retirement Systems; make conforming amendments; amend KRS 61.655 to amend conflict-of-interest provisions to prohibit a trustee and employees of the Kentucky Retirement Systems from having a contractual agreement with or interest in any entities providing services to the systems and from receiving, directly or indirectly, any interest, fees, or profit from entities that provide services to the Kentucky Retirement Systems; require trustees, members of the General Assembly, and public servants to adhere to relevant conflict-of-interest provisions during tenure and for five years following termination; require trustees and employees of the Kentucky Retirement Systems to file annual conflict-of-interest statements with the Kentucky Retirement Systems beginning on January 1, 2019; amend KRS 61.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems is a Class D felony.
HFA5( J. Kay ) - Retain original provisions; amend KRS 61.645 to require the Kentucky Retirement Systems (KRS) to follow the state Model Procurement Code when contracting for investment management services; provide that KRS board members may also be removed for a violation of fiduciary duties or conflict of interest; provide that a KRS board member shall not be considered as acting in good faith if they fail to disclose a conflict of interest; 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; specify investment fee and commission reporting to include underlying fund of fund fees; require investment managers failing to disclose investment holdings, fees, and commissions to forfeit any fees or commission paid by KRS; subject investment contracts made by the Kentucky Retirement System to full public disclosure; amend KRS 61.650 to require investment managers to formally adopt the CFA Institute's codes of conduct; require that failure to adhere to the codes result in the forfeiture of any fees or commissions paid by the Kentucky Retirement Systems; make conforming amendments; amend KRS 61.655 to amend conflict-of-interest provisions to prohibit a trustee and employees of the Kentucky Retirement Systems from having a contractual agreement with or interest in any entities providing services to the systems and from receiving, directly or indirectly, any interest, fees, or profit from entities that provide services to the Kentucky Retirement Systems; require trustees, members of the General Assembly, and public servants to adhere to relevant conflict-of-interest provisions during tenure and for five years following termination; require trustees and employees of the Kentucky Retirement Systems to file annual conflict-of-interest statements with the Kentucky Retirement Systems beginning on January 1, 2019; amend KRS 61.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems is a Class D felony.
HFA6( J. Kay ) - Make title amendment.
HFA7( L. Belcher ) - Delete the enacting clause of SB 151/EN.
HFA8( L. Belcher ) - Delete the enacting clause of SB 151/EN.
HFA9( L. Belcher ) - Delete the enacting clause of SB 151/EN.
HFA10( L. Belcher ) - Make title amendment.
HFA11( L. Belcher ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; EMERGENCY.
HFA12( L. Belcher ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; EMERGENCY.
HFA13( L. Belcher ) - Make title amendment.
HCA1( J. Miller ) - Make title amendment.
HFA1( J. Miller ) - Delete original provisions; amend KRS 61.645 to allow the Kentucky Retirement Systems' board to promulgate an administrative regulation to conduct trustee elections by electronic ballot and to make technical changes.
HFA2( J. Miller ) - Make title amendment.
HFA3( J. Kay ) - Retain original provisions of HFA1; amend KRS 61.645 to require the Kentucky Retirement Systems (KRS) to follow the state Model Procurement Code when contracting for investment management services; provide that KRS board members may also be removed for a violation of fiduciary duties or conflict of interest; provide that a KRS board member shall not be considered as acting in good faith if they fail to disclose a conflict of interest; 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; specify investment fee and commission reporting to include underlying fund of fund fees; require investment managers failing to disclose investment holdings, fees, and commissions to forfeit any fees or commission paid by KRS; subject investment contracts made by the Kentucky Retirement System to full public disclosure; amend KRS 61.650 to require investment managers to formally adopt the CFA Institute's codes of conduct; require that failure to adhere to the codes result in the forfeiture of any fees or commissions paid by the Kentucky Retirement Systems; make conforming amendments; amend KRS 61.655 to amend conflict-of-interest provisions to prohibit a trustee and employees of the Kentucky Retirement Systems from having a contractual agreement with or interest in any entities providing services to the systems and from receiving, directly or indirectly, any interest, fees, or profit from entities that provide services to the Kentucky Retirement Systems; require trustees, members of the General Assembly, and public servants to adhere to relevant conflict-of-interest provisions during tenure and for five years following termination; require trustees and employees of the Kentucky Retirement Systems to file annual conflict-of-interest statements with the Kentucky Retirement Systems beginning on January 1, 2019; amend KRS 61.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems is a Class D felony.
HFA4( J. Kay ) - Retain original provisions; amend KRS 61.645 to require the Kentucky Retirement Systems (KRS) to follow the state Model Procurement Code when contracting for investment management services; provide that KRS board members may also be removed for a violation of fiduciary duties or conflict of interest; provide that a KRS board member shall not be considered as acting in good faith if they fail to disclose a conflict of interest; 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; specify investment fee and commission reporting to include underlying fund of fund fees; require investment managers failing to disclose investment holdings, fees, and commissions to forfeit any fees or commission paid by KRS; subject investment contracts made by the Kentucky Retirement System to full public disclosure; amend KRS 61.650 to require investment managers to formally adopt the CFA Institute's codes of conduct; require that failure to adhere to the codes result in the forfeiture of any fees or commissions paid by the Kentucky Retirement Systems; make conforming amendments; amend KRS 61.655 to amend conflict-of-interest provisions to prohibit a trustee and employees of the Kentucky Retirement Systems from having a contractual agreement with or interest in any entities providing services to the systems and from receiving, directly or indirectly, any interest, fees, or profit from entities that provide services to the Kentucky Retirement Systems; require trustees, members of the General Assembly, and public servants to adhere to relevant conflict-of-interest provisions during tenure and for five years following termination; require trustees and employees of the Kentucky Retirement Systems to file annual conflict-of-interest statements with the Kentucky Retirement Systems beginning on January 1, 2019; amend KRS 61.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems is a Class D felony.
HFA5( J. Kay ) - Retain original provisions; amend KRS 61.645 to require the Kentucky Retirement Systems (KRS) to follow the state Model Procurement Code when contracting for investment management services; provide that KRS board members may also be removed for a violation of fiduciary duties or conflict of interest; provide that a KRS board member shall not be considered as acting in good faith if they fail to disclose a conflict of interest; 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; specify investment fee and commission reporting to include underlying fund of fund fees; require investment managers failing to disclose investment holdings, fees, and commissions to forfeit any fees or commission paid by KRS; subject investment contracts made by the Kentucky Retirement System to full public disclosure; amend KRS 61.650 to require investment managers to formally adopt the CFA Institute's codes of conduct; require that failure to adhere to the codes result in the forfeiture of any fees or commissions paid by the Kentucky Retirement Systems; make conforming amendments; amend KRS 61.655 to amend conflict-of-interest provisions to prohibit a trustee and employees of the Kentucky Retirement Systems from having a contractual agreement with or interest in any entities providing services to the systems and from receiving, directly or indirectly, any interest, fees, or profit from entities that provide services to the Kentucky Retirement Systems; require trustees, members of the General Assembly, and public servants to adhere to relevant conflict-of-interest provisions during tenure and for five years following termination; require trustees and employees of the Kentucky Retirement Systems to file annual conflict-of-interest statements with the Kentucky Retirement Systems beginning on January 1, 2019; amend KRS 61.990 to provide that a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems is a Class D felony.
HFA6( J. Kay ) - Make title amendment.
HFA7( L. Belcher ) - Delete the enacting clause of SB 151/EN.
HFA8( L. Belcher ) - Delete the enacting clause of SB 151/EN.
HFA9( L. Belcher ) - Delete the enacting clause of SB 151/EN.
HFA10( L. Belcher ) - Make title amendment.
HFA11( L. Belcher ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; EMERGENCY.
HFA12( L. Belcher ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; EMERGENCY.
HFA13( L. Belcher ) - Make title amendment.
Jan 26, 2018 - introduced in Senate
Jan 29, 2018 - to State & Local Government (S)
Mar 14, 2018 - reported favorably, 1st reading, to Consent Calendar
Mar 15, 2018 - 2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Friday, March 16, 2018
Mar 16, 2018 - 3rd reading, passed 36-0
Mar 19, 2018 - received in House
Mar 20, 2018 - taken from Committee on Committees (H); 1st reading; returned to Committee on Committees (H); to State Government (H); posted in committee
Mar 21, 2018 - taken from State Government (H); 2nd reading; returned to State Government (H)
Mar 22, 2018 - reported favorably, to Rules with Committee Substitute and committee amendment (1-title); posted for passage in the Regular Orders of the Day for Tuesday, March 27, 2018; floor amendments (1) and (2-title) filed
Mar 27, 2018 - floor amendment (3) filed to hfa (1), floor amendment (4) filed to Committee Substitute, and floor amendments (5) and (6 title) filed to Bill
Apr 13, 2018 - floor amendments (8), and (11) filed to Committee Substitute, floor amendment (9) filed to HFA (1), floor amendments (10-title), (12), (13-title) filed