Kentucky 2024 Regular Session Status: Passed House 1 R cosponsors

HB 392 — AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority.

Last action — returned to State & Local Government (S)

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Amend KRS 18A.230 to define "self-directed brokerage account" (SDBA); amend KRS 18A.235 to authorize the board of trustees of the Kentucky Public Employees Deferred Compensation Authority (KY Deferred Comp) to purchase fiduciary liability insurance and reimburse its trustees, officers, and employees for legal expenses relating to performance of their duties; amend KRS 18A.245 to authorize KY Deferred Comp to offer SDBAs to its participants, contract with SDBA vendors, and promulgate administrative regulations relating to SDBAs for its participants; require the plans offered by KY Deferred Comp to conform to federal laws and regulations; authorize KY Deferred Comp to promulgate administrative regulations; make technical changes; amend KRS 18A.255 to provide that KY Deferred Comp and its board of trustees are not liable for a participant's investment in a SDBA; codify the fiduciary duties of the board of trustees; exempt the trustees from legal action for monetary damages unless the person bringing the action proves by clear and convincing evidence that a trustee's breach or failure to perform the trustee's fiduciary duty is a willful, wanton, or reckless act; amend KRS 18A.260 to require assets held by KY Deferred Comp to be invested consistent with its statutory authority and to limit investments in a SDBA to securities registered with the United States Securities and Exchange Commission.

Bill Text

What changed in the latest version

18 added · 18 removed

18 line(s) added, 18 removed.

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UNOFFICIAL COPY 24 RS BR 1847 AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority.
UNOFFICIAL COPY 24 RS HB 392/GA AN ACT relating to the Kentucky Public Employees Deferred Compensation Authority.
and (9) "Self-directed brokerage account" means a brokerage account of record offered by a broker-dealer selected by the board and registered with the United States Securities and Exchange Commission which allows participants to invest in securities registered with the United States Securities and Exchange Commission Page 1 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 as alternative plan investments in addition to those designated by the board.
and (9) "Self-directed brokerage account" means a brokerage account of record offered by a broker-dealer selected by the board and registered with the United States Securities and Exchange Commission which allows participants to invest in securities registered with the United States Securities and Exchange Commission Page 1 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA as alternative plan investments in addition to those designated by the board.
Page 2 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 (2) The members of the board appointed by the Governor shall serve for a period of four (4) years and the ex officio members of the board shall serve only for the period of their term of office.
Page 2 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA (2) The members of the board appointed by the Governor shall serve for a period of four (4) years and the ex officio members of the board shall serve only for the period of their term of office.
The authority shall be headed by an executive director who shall be appointed by Page 3 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 the board of trustees[directors] of the authority without the limitations imposed by KRS 12.040 and KRS Chapter 18A.
The authority shall be headed by an executive director who shall be appointed by Page 3 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA the board of trustees[directors] of the authority without the limitations imposed by KRS 12.040 and KRS Chapter 18A.
Adopting, maintaining, and terminating an Internal Revenue Code Section 403(b) plan for qualified employees;[ and] (f) Contract with persons or companies duly licensed by the state of Kentucky and applicable federal regulatory agencies, at the cost of the trust fund or Page 4 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 individual participant accounts, to provide investment advice and financial planning to participants in the plans, with respect to their selection of investments.
Adopting, maintaining, and terminating an Internal Revenue Code Section 403(b) plan for qualified employees;[ and] (f) Contract with persons or companies duly licensed by the state of Kentucky and applicable federal regulatory agencies, at the cost of the trust fund or Page 4 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA individual participant accounts, to provide investment advice and financial planning to participants in the plans, with respect to their selection of investments.
401(a) and 457(b), applicable Page 5 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 federal regulations, and other published guidance.
401(a) and 457(b), applicable Page 5 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA federal regulations, and other published guidance.
Page 6 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 (3) Neither the authority nor the board shall be liable for any losses or claims due to a participant's actions in connection with the investment advice or financial planning provided to the participant by operation of KRS 18A.245(7)(f) or other statute or administrative regulation[otherwise].
Page 6 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA (3) Neither the authority nor the board shall be liable for any losses or claims due to a participant's actions in connection with the investment advice or financial planning provided to the participant by operation of KRS 18A.245(7)(f) or other statute or administrative regulation[otherwise].
(5) (a) A trustee shall discharge his or her duties as a trustee, including his or her Page 7 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 duties as a member of a committee:
(5) (a) A trustee shall discharge his or her duties as a trustee, including his or her Page 7 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA duties as a member of a committee:
Page 8 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed UNOFFICIAL COPY 24 RS BR 1847 1.
Page 8 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA UNOFFICIAL COPY 24 RS HB 392/GA 1.
Page 9 of 9 BR184700.100 - 1847 - XXXX 2/22/2024 5:12 PM Jacketed
Page 9 of 9 HB039210.100 - 1847 - XXXX 2/22/2024 5:13 PM GA
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Action History

  1. returned to State & Local Government (S)

  2. 1st reading

  3. taken from State & Local Government (S)

  4. to State & Local Government (S)

  5. to Committee on Committees (S)

  6. received in Senate

  7. 3rd reading, passed 93-0

  8. posted for passage in the Regular Orders of the Day for Thursday, February 22, 2024

  9. 2nd reading, to Rules

  10. reported favorably, 1st reading, to Calendar

  11. to State Government (H)

  12. to Committee on Committees (H)

  13. introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 137 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (137)

137 members have not signed on to this bill.

Show all 137 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Pass

Passed 93 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Democrat 14001
Republican 69003
Unaffiliated 10001
Total 93005
% of votes cast 95%0%0%5%
How each member voted (98)
Member Party Vote
Dixon — Yea
Bentley — Yea
Palumbo — Yea
Pratt — Yea
Timoney — Yea
Raymond — Yea
Graham — Yea
Heath — Yea
Justice — Not Voting
Bratcher K. — Yea
Stevenson C — Yea
Adrielle Camuel Democrat Yea
Al Gentry Democrat Yea
Ashley Tackett Laferty Democrat Yea
Beverly Chester-Burton Democrat Yea
Chad Aull Democrat Yea
Daniel Grossberg Democrat Not Voting
George Brown Jr. Democrat Yea
Keturah J. Herron Democrat Yea
Lindsey Burke Democrat Yea
Lisa Willner Democrat Yea
Nima Kulkarni Democrat Yea
Pamela Stevenson Democrat Yea
Rachel Roarx Democrat Yea
Sarah Stalker Democrat Yea
Tina Bojanowski Democrat Yea
Adam Bowling Republican Yea
Amy Neighbors Republican Yea
Bill Wesley Republican Yea
Bobby McCool Republican Yea
Candy Massaroni Republican Yea
Chris Freeland Republican Yea
Chris Fugate Republican Yea
DJ Johnson Republican Yea
Daniel Elliott Republican Yea
Daniel Fister Republican Yea
David Hale Republican Yea
David Meade Republican Yea
David W. Osborne Republican Yea
Deanna Gordon Republican Not Voting
Derek Lewis Republican Yea
Emily Callaway Republican Yea
Felicia Rabourn Republican Yea
James Tipton Republican Yea
Jared Bauman Republican Yea
Jason Nemes Republican Yea
Jason Petrie Republican Yea
Jennifer Decker Republican Yea
Jim Gooch Jr. Republican Yea
John Blanton Republican Yea
John Hodgson Republican Yea
Josh Branscum Republican Yea
Josh Bray Republican Yea
Josh Calloway Republican Yea
Ken Fleming Republican Yea
Ken Upchurch Republican Yea
Kevin Jackson Republican Yea
Kim Banta Republican Yea
Kim King Republican Yea
Kimberly Poore Moser Republican Yea
Marianne Proctor Republican Yea
Mark Hart Republican Yea
Mary Beth Imes Republican Yea
Matt Lockett Republican Yea
Matthew Koch Republican Yea
Michael Meredith Republican Yea
Michael Sarge Pollock Republican Yea
Mike Clines Republican Yea
Myron Dossett Republican Yea
Nancy Tate Republican Yea
Nick Wilson Republican Yea
Patrick Flannery Republican Yea
Randy Bridges Republican Yea
Rebecca Raymer Republican Yea
Richard White Republican Yea
Robert Duvall Republican Yea
Ryan Dotson Republican Yea
Samara Heavrin Republican Yea
Savannah Maddox Republican Yea
Scott Lewis Republican Yea
Scott Sharp Republican Yea
Shane Baker Republican Yea
Shawn McPherson Republican Yea
Stephanie Dietz Republican Yea
Steve Bratcher Republican Yea
Steve Rawlings Republican Yea
Steve Riley Republican Yea
Steven Doan Republican Not Voting
Steven Rudy Republican Yea
Susan Witten Republican Yea
Suzanne Miles Republican Yea
T.J. Roberts Republican Yea
Thomas Huff Republican Yea
Timmy Truett Republican Yea
Tom Smith Republican Yea
Wade Williams Republican Yea
Walker Thomas Republican Yea
William Lawrence Republican Not Voting

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 392 do?
Amend KRS 18A.230 to define "self-directed brokerage account" (SDBA); amend KRS 18A.235 to authorize the board of trustees of the Kentucky Public Employees Deferred Compensation Authority (KY Deferred Comp) to purchase fiduciary liability insurance and reimburse its trustees, officers, and employees for legal expenses relating to performance of their duties; amend KRS 18A.245 to authorize KY Deferred Comp to offer SDBAs to its participants, contract with SDBA vendors, and promulgate administrative regulations relating to SDBAs for its participants; require the plans offered by KY Deferred Comp to conform to federal laws and regulations; authorize KY Deferred Comp to promulgate administrative regulations; make technical changes; amend KRS 18A.255 to provide that KY Deferred Comp and its board of trustees are not liable for a participant's investment in a SDBA; codify the fiduciary duties of the board of trustees; exempt the trustees from legal action for monetary damages unless the person bringing the action proves by clear and convincing evidence that a trustee's breach or failure to perform the trustee's fiduciary duty is a willful, wanton, or reckless act; amend KRS 18A.260 to require assets held by KY Deferred Comp to be invested consistent with its statutory authority and to limit investments in a SDBA to securities registered with the United States Securities and Exchange Commission.
Who sponsors HB 392?
HB 392 is sponsored by John Hodgson (Republican).
What is the current status of HB 392?
This bill died with 2024 Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 392?
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