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SB 2 / AA (BR 485) - J. Bowen, C. McDaniel, J. Adams, R. Alvarado, D. Carroll, R. Girdler, P. Hornback, D. Thayer, M. Wilson, M. Wise

     AN ACT relating to retirement and declaring an emergency.
     Amend KRS 21.530 to require Senate confirmation of the gubernatorial appointments to the Judicial Form Retirement System; amend KRS 21.540 to require the Judicial Form Retirement System, which administers the Legislators' Retirement Plan and the Judicial Retirement Plan, to post descriptive and financial information to the system's Web site, and to delineate that investment fee and commission reporting include profit sharing, carried interest, and partnership incentives; amend KRS 61.645 to narrow the definition of investment experience on the board of trustees, to specify that vacancies to elected positions be filled by majority vote of the remaining elected members, to require Senate confirmation of gubernatorial appointments to the board, and to delineate that investment fee and commission reporting requirements for the Kentucky Retirement Systems shall include profit sharing, carried interest, and partnership incentives; provide that the systems may not have to disclose contracts on a Web site if disclosure would result in a competitive disadvantage, but require those contracts to be released to the trustees, the State Auditor, and the LRC Govt. Contract Review Committee, subject to the redaction of otherwise exempted material; subject the Kentucky Retirement Systems to KRS Chapter 18A regarding personnel; cap the reimbursement rate for legal services at the Government Contract Review Committee maximum hourly rate; make technical amendments; amend KRS 161.250 to add two gubernatorial appointments to the board subject to Senate confirmation, to specify that investment fee and commission reporting requirements for the Kentucky Teachers' Retirement System must include profit sharing, carried interest, and partnership incentives; provide that the Teachers' Retirement System may not have to disclose contracts on a Web site if disclosure would result in a competitive disadvantage, but require those contracts to be released to the trustees, the State Auditor, and the LRC Govt. Contract Review Committee, subject to the redaction of otherwise exempted material; cap the reimbursement rate for legal services to the Teachers' Retirement System at the Government Contract Review Committee maximum hourly rate; amend various KRS sections to place all state retirement systems under the Model Procurement Code regarding contracts and improve definition of placement agents to include nonemployees and subsidiary firms; amend KRS 7A.220 to increase the membership of the Public Pension Oversight Board; amend KRS 7A.255 to require annual reporting of the percentage of system assets being reported by external managers and partnerships; amend KRS 6.350 to declare noncompliant any actuarial analyses returning negligible or indeterminable cost results; EMERGENCY.


AMENDMENTS

     SCS1/AA - Retain original provisions; amend KRS 21.530 to require that the gubernatorial appointments to the Judicial Form Retirement System have "investment experience" and define "investment experience"; amend KRS 61.645 to expand the board of trustees of the Kentucky Retirement Systems from 13 to 17 trustees, adding four more gubernatorial appointees; confirm the Governor's executive order 2016-340 to the extent that it is not otherwise confirmed or superseded by other provisions; make conforming amendments to KRS 61.645 and 61.650; declare an EMERGENCY.
     HFA1( J. Miller ) - Restore in KRS 161.340 current exemption as to the employment of the executive secretary of the Teachers' Retirement System from the Model Procurement Code; specify the sections of Executive Order 2016-340 confirmed by the bill.
     HFA2( J. Wayne ) - Create a new section of KRS Chapter 11A to require statewide constitutional officers to file with the Executive Branch Ethics Commission a statement indicating the candidate's financial interest in any of the state retirement funds.
     HFA3( J. Kay ) - Amend KRS 61.645 to require Kentucky Retirement Systems investment fee and commission disclosures to be mandatory and be disclosed by the manager, including underlying managers; require that disclosures include profit sharing, carried interest, and partnership incentives; require public disclosure of all Kentucky Retirement Systems contracts, including investment contracts.

     Jan 03, 2017 - introduced in Senate; taken from Committee on Committees (S); 1st reading; returned to Committee on Committees (S); to State & Local Government (S)
     Jan 04, 2017 - taken from State & Local Government (S); 2nd reading; returned to State & Local Government (S)
     Feb 08, 2017 - reported favorably, to Rules with Committee Substitute (1); posted for passage in the Regular Orders of the Day for Wednesday, February 8, 2017; 3rd reading, passed 37-0 with Committee Substitute (1)
     Feb 09, 2017 - received in House
     Feb 13, 2017 - to State Government (H)
     Feb 14, 2017 - posted in committee
     Feb 16, 2017 - reported favorably, 1st reading, to Calendar; floor amendment (1) filed
     Feb 17, 2017 - floor amendment (2) filed
     Feb 21, 2017 - 2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Wednesday, February 22, 2017
     Feb 22, 2017 - floor amendment (3) filed
     Feb 23, 2017 - 3rd reading; floor amendment (3) defeated; floor amendment (2) ruled out of order; passed 99-0 with floor amendment (1)
     Feb 24, 2017 - received in Senate; to Rules (S); posted for passage for concurrence in House floor amendment (1) for Monday, February 27, 2017
     Feb 27, 2017 - Senate concurred in House floor amendment (1); Bill passed 35-0
     Feb 28, 2017 - enrolled, signed by President of the Senate; enrolled, signed by Speaker of the House; delivered to Governor
     Mar 10, 2017 - signed by Governor