---
type: "Bill"
title: "AN ACT relating to the fiduciary duties owed to the state-administered retirement systems."
description: "Amend KRS 21.450, 61.650, 78.790, and 161.430 relating to the fiduciary duties owed to the state-administered retirement systems to define \"shareholder-sponsored proposal\" and \"economic analysis\"; require a proxy adviser under contract with a state-administered retirement system to conduct and document an economic analysis prior to voting on or recommending a vote on a shareholder-sponsored proposal that is inconsistent with the recommendation of the board of directors of the issuer of shares in order to demonstrate that a vote against management's recommendation is solely in the interest of the retirement plan members and beneficiaries; make technical corrections."
jurisdiction: "us/states/ky"
legislature: "Kentucky General Assembly"
session: "2025RS"
identifier: "SB 183"
citation: "Kentucky SB 183 (2025RS)"
classification: ["bill"]
subjects: ["Actuarial Analysis", "Fiduciaries", "Retirement and Pensions", "State Agencies"]
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 35
vote_count: 4
first_action: "2025-02-14T05:00:00+00:00"
last_action: "2025-03-27T04:00:00+00:00"
source: "openstates"
source_identifier: "ocd-bill/f328bd59-081f-4d78-9aee-0c7080834c08"
source_url: "https://apps.legislature.ky.gov/record/25RS/sb183.html"
source_hash: "e2f82b9581e1abe1c465389d2ecc3f9ea94ff197c495eb57ff9d5a658e1628d1"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ky"]
---

# Kentucky SB 183 (2025RS) — AN ACT relating to the fiduciary duties owed to the state-administered retirement systems.

Amend KRS 21.450, 61.650, 78.790, and 161.430 relating to the fiduciary duties owed to the state-administered retirement systems to define "shareholder-sponsored proposal" and "economic analysis"; require a proxy adviser under contract with a state-administered retirement system to conduct and document an economic analysis prior to voting on or recommending a vote on a shareholder-sponsored proposal that is inconsistent with the recommendation of the board of directors of the issuer of shares in order to demonstrate that a vote against management's recommendation is solely in the interest of the retirement plan members and beneficiaries; make technical corrections.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](https://apps.legislature.ky.gov/recorddocuments/bill/25RS/sb183/orig_bill.pdf)
2. **Acts Chapter 115** (committee substitute) — [source](https://apps.legislature.ky.gov/law/acts/25RS/documents/0115.pdf)
3. **Current/Final** (committee substitute) — [source](https://apps.legislature.ky.gov/recorddocuments/bill/25RS/sb183/bill.pdf)

## Votes

- Final Passage — **83–6** (pass) · upper
- PASS SB 183 W/ scs1 — **32–6** (pass) · upper
- Override Veto Final Passage SB 183 — **31–7** (pass) · upper
- Final Passage — **72–17** (pass) · upper

## Timeline

The legislative action history — every referral, reading, and vote.

- **2025-02-14T05:00:00+00:00** introduced in Senate `introduction`
- **2025-02-14T05:00:00+00:00** to Committee on Committees (S) `referral-committee`
- **2025-02-19T05:00:00+00:00** to State & Local Government (S) `referral-committee`
- **2025-02-26T05:00:00+00:00** reported favorably, 1st reading, to Calendar with Committee Substitute (1) `committee-passage`
- **2025-02-27T05:00:00+00:00** 2nd reading, to Rules `reading-2`
- **2025-02-28T05:00:00+00:00** posted for passage in the Regular Orders of the Day for Tuesday, March 04, 2025
- **2025-03-04T05:00:00+00:00** 3rd reading, passed 32-6 with Committee Substitute (1) `passage, reading-3`
- **2025-03-05T05:00:00+00:00** received in House
- **2025-03-05T05:00:00+00:00** to Committee on Committees (H) `referral-committee`
- **2025-03-07T05:00:00+00:00** to Banking & Insurance (H) `referral-committee`
- **2025-03-12T04:00:00+00:00** reported favorably, 1st reading, to Calendar `committee-passage`
- **2025-03-13T04:00:00+00:00** 2nd reading, to Rules `reading-2`
- **2025-03-14T04:00:00+00:00** taken from Rules
- **2025-03-14T04:00:00+00:00** placed in the Orders of the Day
- **2025-03-14T04:00:00+00:00** 3rd reading, passed 83-6 `passage, reading-3`
- **2025-03-14T04:00:00+00:00** received in Senate
- **2025-03-14T04:00:00+00:00** enrolled, signed by President of the Senate `passage`
- **2025-03-14T04:00:00+00:00** enrolled, signed by Speaker of the House `passage`
- **2025-03-14T04:00:00+00:00** delivered to Governor
- **2025-03-26T04:00:00+00:00** Vetoed `executive-veto`
- **2025-03-27T04:00:00+00:00** received in Senate
- **2025-03-27T04:00:00+00:00** to Rules (S) `referral-committee`
- **2025-03-27T04:00:00+00:00** posted for passage for consideration of Governor's veto
- **2025-03-27T04:00:00+00:00** veto overridden `veto-override-passage`
- **2025-03-27T04:00:00+00:00** passed 31-7 `passage`
- **2025-03-27T04:00:00+00:00** received in House
- **2025-03-27T04:00:00+00:00** to Rules (H) `referral-committee`
- **2025-03-27T04:00:00+00:00** taken from Rules
- **2025-03-27T04:00:00+00:00** posted for consideration of Governor's veto
- **2025-03-27T04:00:00+00:00** veto overridden `veto-override-passage`
- **2025-03-27T04:00:00+00:00** passed 72-17 `passage`
- **2025-03-27T04:00:00+00:00** received in Senate
- **2025-03-27T04:00:00+00:00** enrolled, signed by President of the Senate `passage`
- **2025-03-27T04:00:00+00:00** enrolled, signed by Speaker of the House `passage`
- **2025-03-27T04:00:00+00:00** delivered to Secretary of State (Acts Ch. 115) `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/f328bd59-081f-4d78-9aee-0c7080834c08`. Confidence: reported (aggregated from official Kentucky legislature records).