House Bill 489

Actions | Amendments
Last Action 03/25/19: signed by Governor (KY Acts ch. 072)
Title AN ACT relating to the fiduciary and ethical duties of the boards of trustees for the Kentucky Retirement Systems and the Teachers' Retirement System, and declaring an emergency.
Bill Documents Current/Final
Introduced
Impact Statements Actuarial Analysis
Bill Request Number 1579
Sponsor J. Miller
Summary of Original Version Amend KRS 61.650 to require internal investment staff and investment consultants of the Kentucky Retirement Systems board of trustees (KRS) to follow the Code of Ethics and Standards of Professional Conduct promulgated by the CFA Institute; require investment managers of KRS to comply with the Investment Advisers Act of 1940, as amended, and all applicable federal statutes, rules, and regulations applicable to investment managers; repeal, reenact, and amend KRS 61.655 to reenact the conflict-of-interest provisions adopted under SB 151/EN 2018; amend KRS 161.430 to require internal investment staff and investment consultants of the Teachers Retirement System board of trustees (TRS) to follow the Code of Ethics and Standards of Professional Conduct promulgated by the CFA Institute, but require investment managers of TRS to comply with the Investment Advisers Act of 1940, as amended, and all applicable federal statutes and rules and regulations applicable to investment managers; repeal, reenact, and amend KRS 161.460 to reenact the conflict-of-interest provisions adopted under SB 151/EN 2018 and make technical changes.
Index Headings of Original Version Actuarial Analysis - State-administered retirement systems, fiduciary and ethical duties of investment consultants
Federal Laws and Regulations - Retirement and Pensions, Investment Advisers Act of 1940, investment managers, duties to comply
Public Ethics - Retirement and pensions, fidicuary and ethical duties of investment consultants
Retirement and Pensions - State-administered retirement systems, fiduciary and ethical duties of investment consultants
State Agencies - State-administered retirement systems, fiduciary and ethical duties of investment consultants
Jump to Proposed Amendments Senate Committee Substitute 1
Senate Committee Amendment 1
Votes Vote History

Actions

Top | Amendments
02/20/19
  • introduced in House
02/21/19
  • to State Government (H)
02/22/19
  • posted in committee
02/28/19
  • reported favorably, 1st reading, to Calendar
03/01/19
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Monday, March 4, 2019
03/04/19
  • 3rd reading, passed 97-0
03/05/19
  • received in Senate
03/06/19
  • taken from Committee on Committees (S)
  • 1st reading
  • returned to Committee on Committees (S)
03/07/19
  • to State & Local Government (S)
03/12/19
  • reported favorably, 2nd reading, to Rules with Committee Substitute (1) and committee amendment (1-title) as a consent Bill
03/13/19
  • posted for passage in the Consent Orders of the Day for Wednesday, March 13, 2019
  • passed over and retained in the Consent Orders of the Day
03/14/19
  • 3rd reading, passed 33-4 with Committee Substitute (1) and committee amendment (1-title)
  • received in House
  • to Rules (H)
  • posted for passage for concurrence in Senate Committee Substitute (1) and committee amendment (1-title)
  • House concurred in Senate Committee Substitute (1) and committee amendment (1-title)
  • passed 73-15
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/25/19
  • signed by Governor (KY Acts ch. 072)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Impact Statements Actuarial Analysis
Summary Retain original provisions; amend KRS 161.430 to make technical changes updating the language in the Teachers' Retirement System's investment statute and distinguishing “investment managers” from investment consultants”; EMERGENCY.
Index Headings Effective Dates, Emergency - Retirement and pensions, investment managers and consultants of KRS and TRS, requirements for
Federal Laws and Regulations - Retirement and pensions, Investment Advisers Act of 1940, investment managers, duties to comply
Public Ethics - Retirement and pensions, fiduciary and ethical duties of investment consultants
Retirement and Pensions - Kentucky Retirement Systems, investment managers and consultants, requirements for
Retirement and Pensions - KRS and TRS, fiduciary and ethical duties of investment consultants
Retirement and Pensions - Teachers' Retirement System, investment managers and consultants of, requirements for
State Agencies - Retirement and pension,TRS, fiduciary and ethical duties of investment consultants
State Agencies - Retirement and pensions, KRS, investment managers and consultants, requirements for
Teachers - Teachers' Retirement System, investment managers and consultants of, requirements for

Amendment Senate Committee Amendment 1
Sponsor W. Schroder
Summary Make title amendment.
Index Headings Title Amendments - HB 489/GA

Last updated: 5/10/2019 10:34 AM (EDT)
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