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