House Bill 426 (2010)

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House Bill 426 (or BR 29 2010) was introduced on February 12, 2010 by Representative John Tilley to the 2010 General Assembly.

It is an act relating to retirement.

House Bill 426 proposes to amend KRS 61.645 and 161.250 to require the boards of the Kentucky Retirement Systems and the Kentucky Teacher’s Retirement Systems 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.[1]



  1. HB 426 on