FRANKFORT, Ky. (AP) - Lawmakers have given final approval to
legislation that would make placement agents involved in financial
investments for Kentucky's pension program subject to the state's
The legislation is an offshoot of a state audit that raised
questions about the use of placement agents who advise the state
about how to invest retirement funds for teachers and government
The House voted 94-0 Thursday for final passage.
Democratic Rep. Mike Cherry of Princeton, chairman of the House
State Government Committee, has been pushing to hold placement
agents more accountable.
Cherry's bill, which now goes to Gov. Steve Beshear for
consideration, also requires placement agents to make public
reports about their income and expenses. Beshear hasn't said if he
will sign it.
The legislation is House Bill 300.
(Copyright 2012 by The Associated Press. All Rights Reserved.)