| Last Action | 01/10/19: 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 |
| Fiscal Impact Statements |
Corrections Impact
Local Mandate |
| Bill Request Number | 918 |
| Sponsors | L. Willner, R. Adkins, C. Booker, T. Branham Clark, G. Brown Jr., T. Burch, M. Cantrell, A. Gentry, J. Glenn, J. Graviss, C. Harris, K. Hinkle, C. Howard, N. Kulkarni, M. Marzian, R. Meeks, R. Meyer, P. Minter, R. Palumbo, J. Raymond, D. Schamore, A. Scott, M. Sorolis, C. Stevenson, A. Tackett Laferty, S. Westrom, B. Wheatley |
| 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 |
Corrections Impact - Violation of fiduciary or ethical duties, Class D felony Local Mandate - Retirement and pensions, violation of fiduciary or ethical duties Crimes and Punishments - Retirement and pensions, violation of fiduciary or ethical duties, Class D felony 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 Ethics - Retirement and pensions, violation of fiduciary or ethical duties |
| 01/08/19 |
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| 01/10/19 |
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Last updated: 11/9/2023 3:08 PM (EST)