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HB 263 / AA (BR 1188) - B. Yonts, T. Riner, J. Richards, S. Westrom

     AN ACT relating to the Kentucky Retirement Systems' board of trustees and declaring an emergency.
     Amend KRS 61.645, relating to the Kentucky Retirement Systems' board of trustees, to change the definition of "investment experience"; require two members of the Board of Trustees to be chartered financial analysts; provide that each appointment may be made from a list of three applicants submitted by the CFA Society of Louisville; apply to appointments or reappointments on or after the effective date of this Act.


HB 263 - AMENDMENTS

     HFA1( B. Yonts ) - Retain original provisions except to modify the definition of "investment experience" to include other areas of financial expertise.
     HFA2( B. Yonts ) - Retain original provisions, except modify the definition of "investment experience" to include other areas of financial expertise; declare an EMERGENCY.
     HFA3( B. Yonts ) - Make title amendment.
     SFA1( J. Bowen ) - Make title amendment.
     SFA2( J. Bowen ) - Delete provisions of bill; amend KRS 21.540 to require the Legislators' Retirement Plan and Judicial Retirement Plan to follow the provisions of KRS Chapters 45, 45A, 56, and 57 regarding procurement of services, goods, and property; prohibit funds of the Legislators' Retirement Plan or Judicial Retirement Plan from being used to pay placement agents; require the Judicial Form Retirement System, who administers the Legislators' Retirement Plan and the Judicial Retirement Plan, to post descriptive and financial information to the system's website; amend KRS 61.645 to require Senate confirmation of, and modify the minimum requirements for, gubernatorial appointees to the Kentucky Retirement Systems board of trustees and for the executive director; require the Kentucky Retirement Systems to follow the provisions of KRS Chapters 45, 45A, 56, and 57 regarding budgeting and the procurement of services, goods, and property; require the Kentucky Retirement Systems to disclose on its Web site and upon request investment fees in addition to investment holdings and commissions; require investment fee and commission reporting requirements for KRS to include profit sharing, carried interest, and partnership incentives; require the Kentucky Retirement Systems to disclose on its Web site and upon request all contracts and offering documents for services, goods, or property purchased or utilized by the systems except authorize KRS to not have to disclose contracts on a website if disclosure would result in competitive disadvantage; require all contracts to be released to the trustees, State Auditor, and the LRC Govt. Contract Review Committee; prohibit funds of the Kentucky Retirement Systems from being used to pay placement agents; require employees of Kentucky Retirement Systems to be covered by the state personnel system established pursuant to KRS 18A.005 to 18A.204; amend KRS 61.650 to require the Kentucky Retirement Systems board, staff, and investment advisors to adhere to the CFA Institute's codes of conduct; amend KRS 161.250 to increase by six the number of trustees on the Kentucky Teachers' Retirement System board of trustees, two of whom shall have investment experience, to be appointed by the Governor, subject to Senate confirmation; require Kentucky Teachers' Retirement System to disclose on its Web site, and upon request, investment fees in addition to investment holdings and commissions; require investment fee and commission reporting requirements for KTRS to include profit sharing, carried interest, and partnership incentives; require the Kentucky Teachers' Retirement System to disclose on its Web site, and upon request, all contracts and offering documents for services, goods, or property purchased or utilized by the systems, except authorize KTRS to not disclose contracts on a website if disclosure would result in competitive disadvantage; require all contracts to be released to the trustees, State Auditor, and the LRC Govt. Contract Review Committee; amend KRS 161.340 to require the Kentucky Teachers' Retirement System to follow the provisions of KRS Chapters 45, 45A, 56, and 57 regarding budgeting and the procurement of services, goods, and property; amend KRS 161.430 to require the Kentucky Teachers' Retirement System's board, staff, and investment advisors to adhere to the CFA Institute's codes of conduct; prohibit funds of the Kentucky Teachers' Retirement System from being used to pay placement agents; amend KRS 7A.220 to add six additional legislative members to the Public Pension Oversight Board; require that the amendments in the bill requiring the state-administered retirement systems to be subject to state procurement laws and banning the use of system assets to pay placement agents to apply to contracts established or renewed on or after July 1, 2016; require amendments in the bill requiring Senate confirmation and modifying the requirements for gubernatorial appointments to the Kentucky Retirement Systems' board to apply to appointments or reappointments made on or after the effective date of the bill;require amendments requiring Senate confirmation of executive director and executive secretary to apply to appointments or employments after the effective date of the bill; provide a transition schedule of appointments of new trustees to the Kentucky Teachers' Retirement System board; EMERGENCY.

     Jan 15, 2016 - introduced in House
     Jan 19, 2016 - to State Government (H)
     Jan 26, 2016 - posted in committee
     Jan 28, 2016 - reported favorably, 1st reading, to Calendar; floor amendment (1) filed
     Jan 29, 2016 - 2nd reading, to Rules
     Feb 01, 2016 - posted for passage in the Regular Orders of the Day for Tuesday, February 2; floor amendment (2) and (3-title) filed
     Feb 02, 2016 - 3rd reading, passed 92-0 with floor amendments (2), (3-title)
     Feb 03, 2016 - received in Senate
     Feb 05, 2016 - to State & Local Government (S)
     Mar 22, 2016 - reported favorably, 1st reading, to Calendar
     Mar 23, 2016 - 2nd reading, to Rules
     Mar 25, 2016 - floor amendments (1-title) and (2) filed
     Mar 28, 2016 - posted for passage in the Regular Orders of the Day for Monday, March 28, 2016; 3rd reading, passed 36-1 with floor amendments (1-title) and (2)
     Mar 29, 2016 - received in House; to Rules (H)