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Committee advances bill allowing self-directed brokerage, fiduciary standards for state deferred compensation
Summary
The committee recommended favorable passage of Senate Bill 104, which adds a codified fiduciary standard, allows alternative liability insurance options and creates a self-directed brokerage account option within the state deferred compensation plan that currently manages about $4.5 billion.
The House State Government Committee voted to recommend Senate Bill 104 favorably after sponsor Senator Scott Maiden outlined changes to the state deferred compensation program for public employees.
Senator Scott Maiden said the bill addresses several items including a codified fiduciary standard for the roughly $4.5 billion the program manages, an option to purchase less-expensive liability insurance that still…
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