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Panel approves changes to Kentucky Deferred Comp: fiduciary standard, liability insurance and optional brokerage accounts
Summary
Senate Bill 104, addressing fiduciary standards, fiduciary-liability insurance and a self-directed brokerage option for Kentucky Deferred Compensation, passed the committee 9-0 after agency directors described the changes as technical fixes and plan enhancements.
Senator Scott Maiden introduced Senate Bill 104 and said the bill "does 4 things": codify a fiduciary standard for Kentucky Deferred Comp (KDC), authorize fiduciary-liability insurance purchases, add self-correcting mechanisms to maintain federal-law compliance, and permit an optional self-directed brokerage account.
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 for its roughly…
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