[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6323051,"mediaKeyId","2343232-de7012a2fa4c3e00a87c5f0c5f0421f2","parentId",2343232,"title","Committee approves bill to codify fiduciary standard and allow self-directed brokerage for Kentucky Deferred Comp","audioSeconds",320,"startMs",1568000,"endMs",1888000,"viewUrl","/Search/View?dp=1&key=2343232-de7012a2fa4c3e00a87c5f0c5f0421f2&start=1568&end=1888","thumbnailUrl","https://assets.pipeline.soar.com/2343232-de7012a2fa4c3e00a87c5f0c5f0421f2/thumbnail_1568000.jpg","articleUrl","/articles/6323051/Kentucky/Committee-approves-bill-to-codify-fiduciary-standard-and-allow-self-directed-brokerage-for-Kentucky-Deferred-Comp","mediaUrl","https://secure.pipeline.soar.com/6323051-353d98531f96d93daaeddd6466eda651/orig.mp4?Expires=1771186017&Signature=deug58hDB1ppeKepaH~IOlynkEciwMRUHtI13u2GVn98JA35CpdL6XMUStkHw13p1R4ho9Fh4I2CzIz~fuWUzaNrz3Oz4MC-e1EA~xOmsE4zI-kd1lTcyOMbecf7j6k3pHlLOtwyMu-YGuqAuh16vA4tU2hDkc1rhPndqkVgUERoUSEg4v8IKNM2KReCYBNBmrOYdLlU3bnED~NH7Qe9hjHPRzAmY6DPtcS~RZhSQHSQNbOGSU2cA4~XJ0WRoNwAV1Xz46EC74J6JNqyYDm4fNUSf94Z7zs1P05wvZDkI~V~teBVSRby52uxmg~gEFvp2mbMoQ1PlpuyQyCmRrhbqg__&Key-Pair-Id=KUT5TJCACFTXG","author","Kentucky Legislature","date","2025-02-19T00:00:00Z","article","Senator Scott Maiden introduced Senate Bill 104 as a package of technical and programmatic updates for the Kentucky Deferred Compensation (KDC) plan. \"Senate bill 1 0 4 is legislation concerning Kentucky deferred comp for state employees,\" Maiden said, and he listed four principal elements: codifying a fiduciary standard, authorizing fiduciary liability insurance purchasing, adding self-correcting mechanisms to maintain federal-law compliance, and authorizing a self-directed brokerage account (SDBA).

Chris Bridal, executive director for Kentucky Deferred Comp, told the committee the plan currently operates under a \"prudent man\" standard and lacks a codified fiduciary standard. He said KDC already purchases fiduciary liability insurance but faces limits because most available policies are designed for ERISA plans; codifying the standard would clarify expectations for a $4.5 billion plan. On federal compliance, Bridal said frequent federal-law changes in recent years make self-correcting language useful to avoid frequent legislative fixes.

The bill would also permit the board to offer a self-directed brokerage account. Bridal noted SDBA utilization rates are low in comparable ERISA plans (about 2%), but participants who use SDBAs tend to have substantially larger account balances—he cited a figure that such participants had \"a 7.5 times larger balance than an average participant.\" Maiden and Bridal said the Federal Thrift Savings Plan experience and several years of KDC data support studying and offering an SDBA option.

There was no substantive opposition in committee. Members asked clarifying questions and the committee recorded a unanimous favorable report, advancing SB 104 to the Senate floor. Committee discussion and the record showed the bill is intended to align KDC’s governance and product offerings with common practice in other public deferred-compensation plans while reducing legal and operational risk.","mediaType","Video","parentTitle","Senate Standing Committee on State & Local Government (2-19-25)","oneSentenceSummary","Senate Bill 104 would codify a fiduciary standard for the Kentucky Deferred Compensation (KDC) plan, permit purchase of fiduciary liability insurance, add self-correcting compliance language for federal law changes, and authorize a self-directed brokerage account option; the committee advanced the bill unanimously.","taxTitle","2025 Legislature KY, Kentucky","taxId",77680,"location","Kentucky","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6323055,"Committee advances SB 65 to nullify certain state regulations found deficient by regs committee",359,1160000,1519000,"/Search/View?dp=1&key=2343232-de7012a2fa4c3e00a87c5f0c5f0421f2&start=1160&end=1519","https://assets.pipeline.soar.com/2343232-de7012a2fa4c3e00a87c5f0c5f0421f2/thumbnail_1160000.jpg","/articles/6323055/Kentucky/Committee-advances-SB-65-to-nullify-certain-state-regulations-found-deficient-by-regs-committee","https://secure.pipeline.soar.com/6323055-da9c992d8b4fe0c5aef44751434771df/orig.mp4?Expires=1771186017&Signature=CIwNaZpRniyQVr1QRFP4e~KEsnImW48gIpXbdyKVFnOJXLsHAnN4WRXTiH3wTBXN6GzAyX5CYcJKtMuP0AsFG8i7I9Bo5mGYHr5HqL65YG0q6JfIeAsF4wtYfZ00mAX3NU7wxorh~8JShEauKQKacTc8oauBpnobcepDhTGv3lby~0JMYZDaPg8dwyFxXlTW6A9waOFSflXqMSZsssPC0~BQGzqT3~RlwuJHsyvgLB0PZn7HB6aUKA87XikTE1pi3z-Ils8obRYvhA1aDC5QLpbdBC0Ks4y1Ht8rDSdv5RiIKWrT6cL6rZ2Ws5XSV1Au5xno3~i8pXbFiuW0fPOx0g__&Key-Pair-Id=KUT5TJCACFTXG","Senator Steve West said Senate Bill 65 is the fifth iteration of a bill his committee files annually to address regulations the Administrative Regulations Committee finds deficient during the year. \"Simply what it does is any regulation that's found deficient by our committee, during our meeting during a 1 year period ... we put that in a bill, and that regulation is officially, statutorily made null and void,\" West told the Senate State and Local Government Committee.

West told the committee the bill’s practical function is to collect and nullify regulations that the committee flagged as deficient. For the current year, only one subject-matter area produced a deficiency; that area involved two regulations proposed by the Department for Medicaid Services that would have raised the minimum education requirement for behavioral health associates from a bachelor’s degree to a master’s degree.

West described the committee’s review process: the regulation at issue was first considered in March and was deferred multiple times—West said it was deferred on eight separate occasions—while the committee and affected providers tried to reach a resolution. Providers testified that raising the degree requirement to a master’s degree \"would have a detrimental effect and impact behavioral health services across the state,\" West said; the committee ultimately sided with providers and listed that subject area in SB 65.

When asked whether the cabinet had commented on impacts, West summarized that the cabinet had been engaged in the back-and-forth but the parties did not reach an agreement during the deferral period. The committee recorded a favorable report and advanced SB 65 to the floor by unanimous vote.

The committee’s action does not itself change Medicaid program rules; rather, it would statutorily nullify specified regulations the committee found deficient. West said the bill is procedural and reflects the committee’s limited statutory powers to flag and, through this bill, nullify regulations found deficient during the committee’s review cycle.","Senate Bill 65, presented by Sen. Steve West, packages regulations the Administrative Regulations Committee found deficient into a statutory bill to make them null and void; the committee voted unanimously to advance it.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6323060,"Kentucky committee advances bill to increase fixed-dollar CERS retiree health subsidies",1026,125000,1151000,"/Search/View?dp=1&key=2343232-de7012a2fa4c3e00a87c5f0c5f0421f2&start=125&end=1151","https://assets.pipeline.soar.com/2343232-de7012a2fa4c3e00a87c5f0c5f0421f2/thumbnail_125000.jpg","/articles/6323060/Kentucky/Kentucky-committee-advances-bill-to-increase-fixed-dollar-CERS-retiree-health-subsidies","https://secure.pipeline.soar.com/6323060-fa6c7556a50cea1a285bb1f5e100fd34/orig.mp4?Expires=1771186017&Signature=Wwq3-HlXdYv2xgi5gGBkBiOhoVKr7PDhnlGqJlEdiAXqjwpr33sLYDxAphFW6F7vDjVq8cEAR3sCAui2Pa9niT0nlwN9dpds0hyb6UpVB9l41NZ~2DROvhv1ybgodYyukuTpjn3qEK4yXoKcS2o8BGDJrE6JmU64H~M-Um9Xrg--cXXtJ6Eo0W9Cl3ecSL1Hv47H4wYu9UY8lkR7zpK3LnqCRGIkTSJY4s132vhJvNGIthEW7LOw2AzXHDfOdhYHgxRW~S17VOl38DAW3dIYRaTewpw5m-NipmNjXNmZsEfrtqxgJR97K7TQ~r-krh6K7eHexHOyUbM8vBBCfLAzrw__&Key-Pair-Id=KUT5TJCACFTXG","Senator Mills, sponsor of Senate Bill 10, told the Senate State and Local Government Committee that the legislation would change retiree health benefits under the County Employees Retirement System (CERS) for members who began participating on or before July 1, 2003. \"This legislation will change CERS retiree health benefits available for members who began participating in the system on or before 07/01/2003,\" Senator Mills said.

The bill would raise the fixed dollar health subsidy for nonhazardous CERS retirees who retire after 27 years of service from $14.63 per month for each year of service to $40 per month per year of service. For hazardous-duty retirees retiring after 20 years in tier 1 or 25 years in tier 2 and tier 3, the subsidy would increase from $21.94 per month per year of service to $50 per month per year of service. \"The goal of these changes is to allow the retiree to be able to pay the cost of a single premium, which we believe is very consistent with what was set in 02/2003 when they created a fixed dollar health subsidy,\" Senator Mills said.

Supporters representing public safety organizations told the committee the change would aid recruitment and retention. Jerry Wagner, retired sheriff and director of the Kentucky Sheriffs Association, said the change would \"fix\" hiring and retention problems and help agencies rehire retirees for security roles. Jeremy Thompson, chief of police in Elizabethtown and representative of the Kentucky Chiefs Association, said the increase \"allows them, a better, ability to afford insurance for them, for their families when they retire.\" Jeff Taylor, director of legislative affairs for the Kentucky Professional Firefighters, said the stipend would influence his personal retirement timing and called the measure a \"huge\" retention incentive.

Under the bill, employees would share in the cost. Nonhazardous employees on the health subsidy hired before Sept. 1, 2008, would begin contributing an additional 1 percentage point (to match tier 2 and tier 3 rates). Hazardous employees would increase contributions by 1 percentage point (from 1% to 2%). Senator Mills cited actuarial estimates presented to the committee: because the nonhazardous health fund is about 22.3% funded, the analysis does not anticipate an immediate employer contribution increase; the hazardous fund—described in the hearing as about 0.5% funded—would likely see a modest employer contribution increase, estimated around 2.2% if the benefit is adopted as proposed.

Committee members praised the collaborative negotiation among employers, employee groups and the Public Protection Oversight Board (PPOB). Several senators used their explanation-of-vote time to thank first responders and emphasize the bill's role in workforce stability. The committee recorded a favorable vote, and the measure will be sent to the Senate floor for further consideration.

The committee record and testimony identified the subsidy changes, the employee-contribution increases, and the actuarial funding assumptions as the principal elements for implementation. No formal amendments or alternative funding offsets were recorded in the committee proceeding.","The Senate State and Local Government Committee on a unanimous vote moved Senate Bill 10 to the floor. The bill would raise the fixed monthly CERS health subsidy for qualifying retirees and require modest employee contributions to help fund the increase.","actionData","errors"]

Article not found

Committee approves bill to codify fiduciary standard and allow self-directed brokerage for Kentucky Deferred Comp

Committee advances SB 65 to nullify certain state regulations found deficient by regs committee

Kentucky committee advances bill to increase fixed-dollar CERS retiree health subsidies