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SB2 / AA (BR437) - J. Bowen, C. Girdler, P. Hornback, C. McDaniel, W. Schroder, D. Seum, D. Thayer, W. Westerfield, M. Wilson

     AN ACT relating to retirement.
     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; provide that no funds of the Legislators' Retirement Plan or Judicial Retirement Plan shall be used to pay placement agents; 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 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; provide that no funds of the Kentucky Retirement Systems shall be used to pay placement agents; amend KRS 61.650 to provide that the Kentucky Retirement Systems board, staff, and investment advisors shall 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 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; 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 provide that the Kentucky Teachers' Retirement System's board, staff, and investment advisors shall adhere to the CFA Institute's codes of conduct; provide that no funds of the Kentucky Teachers' Retirement System shall be used to pay placement agents; provide that the amendments in the Act requiring the state-administered retirement systems to be subject to state procurement laws and banning the use of system assets to pay placement agents shall apply to contracts established or renewed on or after July 1, 2016; provide that amendments in the Act requiring Senate confirmation and modifying the requirements for gubernatorial appointments to the Kentucky Retirement Systems' board shall apply to appointments or reappointments made on or after the effective date of the Act; provide that amendments requiring Senate confirmation of executive director and executive secretary shall apply to appointments or employments after the effective date of the Act; provide a transition schedule of appointments of new trustees to the Kentucky Teachers' Retirement System board.


SB2 - AMENDMENTS

     SCS1/AA - Amends KRS 21.540 to 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 specify that investment fee and commission reporting requirements for KRS shall include profit sharing, carried interest, and partnership incentives; provides that KRS may not have to disclose contracts on a website if disclosure would result in competitive disadvantage but requires those contracts to be released to the trustees, State Auditor, and the LRC Govt. Contract Review Committee; makes technical amendments; amends KRS 161.250 to specify that investment fee and commission reporting requirements for KTRS shall include profit sharing, carried interest, and partnership incentives; provides that KTRS may not have to disclose contracts on a website if disclosure would result in competitive disadvantage but requires those contracts to be released to the trustees, State Auditor, and the LRC Govt. Contract Review Committee; declare an EMERGENCY.
     SCA1( J. Bowen ) - Make title amendment.
     SFA1( J. Higdon ) - Retain original provisions; amend KRS 61.645 to require employees of Kentucky Retirement Systems to be covered by the state personnel system established pursuant to KRS 18A.005 to 18A.204.
     SFA2( J. Higdon ) - Retain original provisions; amend KRS 7A.220 to add six additional legislative members to the Public Pension Oversight Board.
     HFA1/P( R. Nelson ) - Retain original provisions, amend KRS 161.520 to remove marriage as a disqualifying event for a widow or widower who was married to a deceased contributing member for not less than five (5) years.
     HFA2( J. Kay ) - 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 modify the minimum requirements for gubernatorial appointees to the Kentucky Retirement Systems board of trustees; 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 offering documents for services, goods, or property purchased or utilized by the systems; require all contracts to be released to the trustees, State Auditor, Governor, and members of the General Assembly provided the person receiving the contracts signs a confidentiality agreement; prohibit funds of the Kentucky Retirement Systems from being used to pay placement agents; require annual increments paid to Kentucky Retirement Systems employees to not exceed the amount provided to general state employees; 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 two the number of trustees on the Kentucky Teachers' Retirement System board of trustees, one of whom shall have investment experience, to be appointed by the Governor, and one who shall be a retiree elected by the membership; 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 offering documents for services, goods, or property purchased or utilized by the systems; require all contracts to be released to the trustees, State Auditor, Governor and members of the General Assembly provided the person receiving the contracts signs a confidentiality agreement; 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 161.300 to increase the quorum requirements of the Kentucky Teachers' Retirement System's board of trustees; 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 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; EMERGENCY.

     Jan 06, 2016 - introduced in Senate
     Jan 07, 2016 - to State & Local Government (S)
     Jan 27, 2016 - reported favorably, 1st reading, to Calendar with Committee Substitute and committee title amendment
     Jan 28, 2016 - 2nd reading, to Rules
     Feb 01, 2016 - posted for passage in the Regular Orders of the Day for Tuesday, February 2; floor amendments (1), (2) filed to Committee Substitute
     Feb 02, 2016 - 3rd reading, passed 38-0 with Committee Substitute (1), committee amendment (1-title), floor amendments (1), (2)
     Feb 04, 2016 - received in House
     Feb 08, 2016 - to State Government (H)
     Mar 15, 2016 - posted in committee
     Mar 17, 2016 - reported favorably, 1st reading, to Calendar
     Mar 18, 2016 - 2nd reading, to Rules
     Mar 24, 2016 - posted for passage in the Regular Orders of the Day for Friday, March 25, 2016
     Apr 01, 2016 - floor amendment (1) and (2) filed