Kentucky House Bill 426 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on March 9 2010 - 50% progression, died in committee
Action: 2010-03-10 - to State & Local Government (S)
Pending: Senate State & Local Government Committee
Text: Latest bill text (Draft #1) [MS Word]

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.

AN ACT relating to retirement.

Rep. Mike Cherry [D]

Rep. John Tilley [D]

Date	Chamber	Action
2010-03-10		to State & Local Government (S)
2010-03-09		received in Senate
2010-03-08		3rd reading, passed 95-0
2010-03-05		posted for passage in the Consent Orders of the Day for Monday, March 8, 2010
2010-03-05		2nd reading, to Rules
2010-03-04		reported favorably, 1st reading, to Consent Calendar
2010-02-17		posting waived
2010-02-17		to State Government (H)
2010-02-12		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/10RS/HB426.htm
Text	http://www.lrc.ky.gov/record/10RS/HB426/bill.doc