Bill > SB70

This bill modifies the membership and reporting requirements of the Public Pension Oversight Board, a body responsible for overseeing Kentucky's public pension systems. Key changes include expanding the board's membership by adding the chairs or vice chairs of the Senate State & Local Government Standing Committee and the House State Government Standing Committee, as well as the State Treasurer, while reducing the number of gubernatorial appointees by one. The bill also broadens the definition of "retirement experience" for appointed board members to include experience in managing or setting policy for retirement plans, specifically allowing former elected officials with such experience to qualify. Additionally, the Kentucky Public Pensions Authority will now be required to annually report to the board not only on line-of-duty disability benefit payments but also on line-of-duty death benefit payments, providing a more comprehensive overview of benefits paid due to service-related incidents. These changes, particularly those affecting board membership, are set to take effect on January 1, 2027.

Government Affairs

https://apps.legislature.ky.gov/record/26RS/sb70.html