HB 426/AA (BR 29) - J. Tilley, M. Cherry
AN ACT relating to retirement.
Amend KRS 61.645 and 161.250 to require the boards of the Kentucky Retirement Systems and the Kentucky Teachers' Retirement System to establish a securities litigation policy; require the policy to include: processes for identifying and assessing the value of claims, guidelines for evaluating whether the systems should pursue litigation including establishing a working group comprised of the Attorney General and representatives from the systems to evaluate and make recommendations on potential claims to the board, authority for the Attorney General to submit a separate recommendation to the boards, procedures for selecting an evaluation counsel and a litigation counsel to review and litigate cases, authorization for the working group to establish policies to deal with potential conflicts of interest, processes for sharing information on securities litigation with the Kentucky Teachers' Retirement System; exempt the working group meetings from open meetings laws; require the boards to review potential conflicts of interest that may involve a member of the working group and a potential vendor; amend KRS 11A.010 to add members of the working group to the definition of an "officer" under the Executive Branch Code of Ethics if the members are employees of an agency subject to the Executive Branch Code of Ethics.
Feb 12-introduced in House
Feb 17-to State Government (H); posting waived
Mar 4-reported favorably, 1st reading, to Consent Calendar
Mar 5-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Monday, March 8, 2010
Mar 8-3rd reading, passed 95-0
Mar 9-received in Senate
Mar 10-to State & Local Government (S)