SB183
Log in to followAN ACT relating to the fiduciary duties owed to the state-administered retirement systems.
Amend KRS 21.450, 61.650, 78.790, and 161.430 relating to the fiduciary duties owed to the state-administered retirement systems to define "shareholder-sponsored proposal" and "economic analysis"; require a proxy adviser under contract with a state-administered retirement system to conduct and document an economic analysis prior to voting on or recommending a vote on a shareholder-sponsored proposal that is inconsistent with the recommendation of the board of directors of the issuer of shares in order to demonstrate that a vote against management's recommendation is solely in the interest of the retirement plan members and beneficiaries; make technical corrections.
Introduced: February 14, 2025
Last action: March 27, 2025
Plain-language summary
This bill sets new rules for financial advisers who help manage Kentucky's public retirement systems when voting on shareholder matters. Before an adviser can vote against a company's own board recommendation, they must first conduct and document an economic analysis showing the decision benefits retirement plan members and beneficiaries, not other outside interests. It applies to the retirement systems covering state employees, teachers, county employees, and others. Who it may affect: current and retired public employees, teachers, and county workers who are members of Kentucky's state-administered pension systems.
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Legislative History
Primary Sponsor
Co-sponsors (7)
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