Public pension board structure and retirement reporting would change

The proposed text would list 25 members for the Public Pension Oversight Board. Members would include legislators, state officials or their designees, and people with investment or retirement experience. House and Senate leaders would appoint legislative members, including members selected to better match each chamber's political-party makeup. The Speaker and Senate President would appoint people with at least 10 years of investment or retirement experience. The Governor's appointee would need at least 10 years of investment or retirement experience. Certain appointed members could not be current legislators, conflicted state contractors or employees, and could not serve more than three consecutive four-year terms. This provision is stated to take effect January 1, 2027.

State-administered retirement systems would provide the board with yearly information about members, recipients, retirement benefits, assets, and investment-manager fees. Reports would cover people with accounts or benefits in state-administered retirement systems and would include benefit, work-status, system, and investment information. Reports would use unique numbers instead of names, addresses, Social Security numbers, or system identification numbers. The information would include current or estimated retirement allowances and categories such as contributing members, retirees, beneficiaries, and people who returned to work. The Kentucky Public Pensions Authority would report disability- and death-related recipients and payments by system, benefit type, and retirement-position category. The yearly reports are due by November 15 after each fiscal year closes; the text also states that some reports apply on a fiscal-year basis beginning July 1, 2017.