SB 79 — AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority plans.

UNOFFICIALCHAPTER COPY111 211 RSCHAPTER 111 ( SB 79/GA79 ) AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority plans.

Page 1 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA (a) Secretary, Finance and Administration Cabinet, ex officio;

Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (6) The board shall meet at least once in each quarter of the year, and may meet in special session upon the call of the chairman.

It shall elect a chairman and a vice Page 2 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA chairman.

Amending the board's plan for the Kentucky Public Employees 401(k) Page 3 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA Deferred Compensation Plan to adopt, maintain, and terminate a qualified Roth contribution program under Internal Revenue Code Section 402A;

Page 4 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA Participating employees must authorize that such deductions be made from their wages for the purpose of participation in such program.

(3) Notwithstanding the provisions of KRS 337.060, agreements to participate and plan elections made by employees pursuant to subsections (1) and (2) of this section may be made in writing or by electronic record, CHAPTER 111 3 signature, or contract as determined by the authority and in accordance with the provisions of KRS 369.101 to 369.120.

Page 5 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA (b) Each new member of the General Assembly elected or appointed on or after July 1, 2021, upon taking office, shall be automatically enrolled in the 401(k) plan established pursuant to this section, and the member's compensation shall be reduced by thirty dollars ($30) per month and contributed as a pre-tax deferral to the 401(k) plan unless and until the member makes a deferral election under the terms of the 401(k) plan;

(1) Notwithstanding any other provision of KRS 18A.230 to 18A.275, funds held for Page 6 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA the State of Kentucky public employees deferred compensation trust fund pursuant to agreement between the state and participating employees may be invested in such investments as are deemed appropriate by the trustees, including but not limited to annuity contracts.

Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (a) Have any interest, direct or indirect, in the gains or profits of any investment or any other legal, business, or financial transaction made by the board or authority, except that any such trustee or employee may be a member, employee, or beneficiary of the plans administered by the board or authority;

(b) Directly or indirectly, for himself or herself or as an agent, use the assets of the plans administered by the board or authority, except to make current and Page 7 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA necessary payments authorized by the board or authority;

(3) (a) No person who is serving as a member of the General Assembly or is a public servant as defined by KRS 11A.010(9) shall have any interest, direct or indirect, in the gains or profits of any investment or any other legal, business, or financial transaction made by the board or authority, except that any such trustee or public servant may be a member, employee, or beneficiary of the Page 8 of 9 SB007910.100 - 1162 - XXXX GA UNOFFICIAL COPY 21 RS SB 79/GA plans administered by the board or authority.

PageSigned 9by ofGovernor 9March SB007910.10024, -2021. 1162 - XXXX GA