Transcript Highlights:

• When deciding where to invest, investors typically review the average earnings of a company and the mechanisms
• assistance for our customers, including the heart and thaw programs, payment assistance programs, and our average
• assistance programs, programs, payment assistance programs, and<00:21:09.440><c> our</c><00:21:09.560><c> average
• </c> and our average monthly payment plan. and our average monthly payment plan.
• Chairman, I've got a bill moving and I got to attend to that, but we're glad to see you again.

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:01:28 Introduction of Guests 00:02:08 American Electric Power and Kentucky Power Presentation 00:03:31 SB 89 Discussion 00:53:55 SB 89 Roll Call Vote 01:07:46, 958, all

Summary: The committee met for an initial natural resources hearing with a quorum present and introductory housekeeping, including prayer, roll call, and recognition of guests. Chair Smith outlined ground rules for questions and then invited Kentucky Power and American Electric Power representatives to the table to discuss a proposed plan involving the Mitchell Power Plant and future generation needs in Eastern Kentucky. Witnesses Cindy Wiseman, Alex Vaughn, and AEP CEO Bill Fehrman said the company’s goals are to stabilize and lower rates, reduce rate volatility, and expand generation in the Commonwealth. They explained that Kentucky Power seeks legislative authority to securitize its 50% interest in the Mitchell coal plant, describing securitization as a refinancing mechanism that would lower annual plant costs by about $34 million and help offset roughly one-third of the expected cost of adding new generation in Kentucky. They emphasized that the proposal is not intended to close Mitchell, and said Kentucky Power currently has no plan to divest its interest; the company still needs the plant to serve customers while it pursues additional dispatchable generation in Kentucky. Members pressed the witnesses on the plant’s book value versus fair market value, whether the Mitchell interest had ever been assigned a nominal value, how any divestiture proceeds would be handled, whether Kentucky Power owns Wheeling Power, and how long Mitchell can continue operating. The company said it values Mitchell at net book value for accounting purposes, not fair market value, and explained that Wheeling Power is a separate AEP affiliate and that West Virginia affiliates have already proposed securitization of their share. Witnesses said Kentucky Power’s interest cannot technically operate past 2028 without additional environmental control investment, while the West Virginia side is depreciating through 2040. They also described the financing timeline, saying securitization would require enactment of legislation, a PSC financing order, bond issuance, and then parallel work to acquire or build new generation, with any reinvestment terms to be addressed through the regulatory process.

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=aKx2zdeEXuc, 2026-06-21T07:17:07+00:00, 2.2.24, Data collected via generic collector engine, Attendance Roll Call 00:00:11 SB 107 00:01:09 SB 91 00:05:14, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=WWPss3VT8ZY, 2026-06-21T07:17:07+00:00, 2.2.24, Data collected via generic collector engine, Attendance Roll Call 00:00:10 SB 1 00:01:16 HB 752 00:10:07, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=wp8ybXtfAE0, 2026-06-21T07:17:07+00:00, 2.2.24, Data collected via generic collector engine, Attendance Roll Call 00:00:12 HB 723 00:01:22 HB 8 00:14:21, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=ZcB7qPmqPWc, 2026-06-21T07:17:06+00:00, 2.2.24, Data collected via generic collector engine, Attendance roll call: 00:10 Consideration of HB 575: 01:51 Consideration of HB 586: 27:52, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=KJUWKUK1_aE, 2026-06-21T07:17:06+00:00, 2.2.24, Data collected via generic collector engine, Meeting Start 00:00:00 Attendance Roll Call 00:00:03 SB 22 00:00:30, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=VWEqSfGwSNw, 2026-06-21T07:17:06+00:00, 2.2.24, Data collected via generic collector engine, Attendance roll call: 00:05 Consideration of HB 44: 02:32 Consideration of HB 53: 24:30, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=bJbR9HbmDBo, 2026-06-21T07:17:06+00:00, 2.2.24, Data collected via generic collector engine, Attendance roll call: 00:15 Consideration of HB 316: 01:32 Consideration of HB 99: 17:05, 958, all, 2.2.42, 2.1.47

Keywords: Meeting Start: 00:00 Attendance Roll Call: 00:01 SB 132 Discussion 00:44 SB 132 Vote 07:10 SB 33 Discussion 08:30 SB 33 Vote 17:24 SB 85 Discussion 18:08 SB 85 Vote 25:58 Adjournment: 26:38, 958, all

Transcript Highlights:

• In 2025, that average has been 471.
• In 2025, that average has been 471.
• In 2025, that average has been 471.
• In 2025, that average has been 471.
• In 2025, that average has been 471.

Keywords: Meeting Start: 00:00:35 Attendance Roll Call: 00:00:55 Approval of Minutes: 00:02:56 Deferred Compensation Authority Update: 00:03:12 Retiree Health Update - TRS: 00:15:58 Retiree Health Update - KPPA: 00:56:13 Adjournment: 01:20:33, 958, all

Summary: The Public Pension Oversight Board received updates from the Kentucky Public Employees Deferred Compensation Authority and the Teachers Retirement System. Chris Biddle reported that deferred compensation assets had grown to about $4.787 billion with roughly 88,000 participants, crediting auto-enrollment, targeted marketing around pay raises, and retiree-focused services. He said the board’s self-directed brokerage account, authorized by last year’s legislation, is being designed around a $40,000 account-balance threshold with up to 25% transferable into the brokerage window, tentatively for July 1 of the coming year. He also described the free financial planning program, which has been used by about 3,300 to 3,500 participants with an 87% return rate, and noted that the plan is currently in a fee holiday; members asked about the fee structure and whether the CFP service is provided through Nationwide, which Biddle confirmed. Board members praised the deferred compensation program’s growth and asked for the legislation referenced by Biddle. He said the plan’s annual fees are capped, with a $1 monthly fee plus other charges up to a $225 cap, for a maximum of $237 per year absent a managed account. He also said the program is seeking unified payroll access to expand participation, especially among teachers, and that prior lineup changes saved about $6 million annually in participant fees. Bo Barnes of TRS then addressed retired teachers’ health insurance, first clarifying a prior question about declining federal contributions to the retirement annuity trust. He explained that federally funded school positions generated contributions that rose from $72 million in 2019 to $109 million in 2022, then fell to $85 million this year, with a projection of $80 million over the next three years; if those dollars do not come from federal sources, they would have to be replaced through the SEEK formula. Barnes then reviewed TRS health coverage, explaining that the statutory contract guarantees access to group coverage but not fixed premium levels, and that TRS administers two retiree plans: KEHP for retirees under 65 or otherwise not Medicare-eligible, and MEHP for retirees 65 and older or Medicare-eligible. Barnes said TRS completed RFPs for the 2026 plan year, retaining Express Scripts for prescription drugs and switching the Medicare Advantage medical provider from UnitedHealthcare to Humana, while keeping plan design, provider access, out-of-pocket costs, and benefits materially unchanged. He noted a modest hearing-aid improvement of $500 per ear beginning in 2026. He also reported that the TRS Board approved the maximum state contribution for KEHP at $1,044.96, up from $930.76, an 18% increase that he said would require about $15 million to $16 million more annually, while the MEHP premium would drop from $210 to $200 per month because of the new contract. Using the 2024 valuation, he said the KEHP increase would slightly reduce the health trust funded ratio from 80.4% to 80.1% and raise unfunded liability from $4.036 billion to $4.051 billion. Barnes closed by reviewing the 2010 shared-responsibility reforms that shifted retiree health costs away from a pay-as-you-go model, including phased employee and district contributions and Commonwealth stabilization funding. No votes were taken beyond approval of the minutes.

Transcript Highlights:

• Uh we give an average trends for KHP.
• In 2025, that average has been 471.
• In 2025, that average has been 471.
• Um, in 2024, the average threshold.
• </c> In 2025, that average has been um 471. In 2025, that average has been um 471.

Keywords: Meeting Start: 00:00:35 Attendance Roll Call: 00:00:55 Approval of Minutes: 00:02:56 Deferred Compensation Authority Update: 00:03:12 Retiree Health Update - TRS: 00:15:58 Retiree Health Update - KPPA: 00:56:13 Adjournment: 01:08:10, 958, all

Summary: The Public Pension Oversight Board met with a quorum, approved the prior minutes, and heard updates from the Kentucky Public Employees Deferred Compensation Authority and the Teachers Retirement System. The deferred compensation update highlighted continued growth in assets to about $4.787 billion and roughly 88,000 participants, strong retention from auto-enrollment, a marketing campaign tied to pay raises that generated additional participation, and a new self-directed brokerage account expected to launch July 1 of the coming year for participants with at least a $40,000 balance, allowing up to 25% of their account to be moved into the brokerage window. The director also described the free financial planning service, which has been used by about 3,500 participants with a high return rate, and said the plan is currently in a fee holiday; if fees are charged, they are capped at $237 per year for most participants. Members asked questions about who provides the CFP service, the fee structure, and the brokerage eligibility threshold. The director said the CFP service is provided through the authority’s service bundle with Nationwide, not as a separate paid service, and explained that the fee cap and current fee holiday are intended to keep the program low-cost. Board members praised the deferred compensation program’s performance and asked for a copy of the legislation referenced in the presentation. TRS then presented on retired teachers’ health insurance. Barnes first clarified how declining federal contributions for federally funded school positions affect the retirement annuity trust, explaining that if those federal dollars fall, the amounts would need to be covered through the SEEK formula and that the projection for those contributions is about $80 million over the next three years. He then reviewed TRS retiree health coverage, distinguishing between KEHP for retirees under 65 or not Medicare-eligible and MEHP for Medicare-eligible retirees, and explained that TRS recently completed RFPs for both prescription drug and medical coverage. TRS will keep Express Scripts for prescription drugs, but will move the Medicare Advantage medical plan from UnitedHealthcare to Humana on January 1, 2026, while keeping the plan design, provider access, and out-of-pocket structure largely unchanged, with a new hearing-aid benefit of $500 per ear. Barnes also reported the 2026 premium and contribution changes: the maximum TRS contribution toward KEHP will rise to $1,144.96 from $930.76, an 18% increase that he said will require roughly $15 million to $16 million more in the state budget, while the MEHP premium will drop to $200 per month from $210. He said the TRS board has statutory authority to set these amounts and that the changes will have mixed actuarial effects, with the KEHP increase being negative overall and the MEHP decrease positive.

Transcript Highlights:

• I know we're not voting yet, but, uh, we attended a seminar together in the summer, and we've worked
• I know we're not voting yet, but, uh, we attended a seminar together in the summer, and we've worked
• I know we're not voting yet, but, uh, we attended a seminar together in the summer, and we've worked
• I know we're not voting yet, but, uh, we attended a seminar together in the summer, and we've worked
• This percentage was garnered from the average of similar legislation from across the country.

Keywords: Meeting Start: 00:05 Attendance Roll Call: 00:17 HB 30 (Rep. Blanton): 01:12 HB 27 (Rep. Osborne: 05:22 HB 45 (Rep. Hodgson): 08:29 HB 211 (Rep. C. Lewis): 15:54 HB 441 (Rep. Tipton): 36:38 Adjournment: 41:20, 958, all

Summary: The Senate State and Local Government Committee met and first took up House Bill 30, which addresses pension spiking and retired state troopers returning to work. The sponsor and Kentucky Public Pensions Authority staff said the bill would codify court language clarifying that across-the-board raises from the General Assembly do not count as pension spiking, and the committee substitute would also give retired troopers rehired on a year-to-year basis the same vacation, sick leave, and bereavement benefits as new troopers. The committee adopted the substitute and a title amendment, and HB 30 passed 9-0. The committee then considered House Bill 27, which removes an arbitrary 2023 date from the Planned Communities Act that had created confusion over political signage rules in HOA and planned community phases. The sponsor said the change would preserve HOA authority to regulate sign size, duration, and placement while eliminating inconsistent treatment of neighboring properties. The bill passed 10-0. House Bill 45 followed, proposing to ban foreign funding in Kentucky elections and ballot measures and to require disclosure for express advocacy ads related to ballot measures. Supporters said the bill would put ballot measures on the same footing as candidate and PAC restrictions and prevent foreign nationals from influencing Kentucky elections; one senator raised concerns that the language could unintentionally chill participation by noncitizens, especially in one-on-one discussions, and the sponsor said he would work on that issue. The committee adopted the bill as amended, and it passed 8-1. The final major item was House Bill 211, which would create a narrow exemption allowing cigar bars under defined conditions, including a revenue threshold, age restrictions, ventilation requirements, and local permitting options. The sponsor said the bill would not roll back general smoke-free laws but would allow tightly regulated cigar bars and grandfather existing ones from some requirements. Public health witnesses, including a nurse, a physician, and a thoracic surgeon, opposed the bill, warning it would weaken strong smoke-free protections, harm workers and patrons, and reverse progress against tobacco-related disease. The transcript provided did not include a final vote on HB 211.

Keywords: Meeting Start 00:00 Attendance Roll Call 00:12 Introduction of Guests 01:09 HB 88 Discussion 01:46 HB 88 Roll Call Vote 03:24 HB 346 Discussion 04:20 HB 346 Roll Call Vote 21:58 Chair Comments 24:31, 958, all

Summary: The committee met with a quorum and first considered House Bill 88, which was described as a short bill to clarify procedures for Waste Management boards, including term limits, appointments, and making sure consolidated governments actively recruit community members and make openings easier to find. The sponsor said the bill was intended to resolve confusion about members staying on after terms expire. The bill received no opposition, passed the committee unanimously, and was reported favorably for the floor. The committee then took up House Bill 346, as amended by a committee substitute. The sponsor explained that the bill responds to a dispute over air emission fees, especially for emergency generators and backup generators used for worker safety and limited non-emergency testing. The bill would exempt emergency generators and backup generators operating 100 hours or less for maintenance/testing from fees, while also removing an existing 4,000-ton cap so the per-ton fee would drop for most permitted sources. Members discussed the possible impact on utilities and ratepayers, with concerns raised that costs could be passed through to consumers and affect coal-dependent areas. The sponsor and another member argued the change would generally reduce fees for most sources and incentivize emissions reductions; the cabinet was described as neutral, and the affected utilities were identified as TVA, LG&E, East Kentucky Power, and Big Rivers, with only TVA having raised comments. The committee substitute was adopted, and the bill passed the committee with a favorable recommendation, though one member voted no and several members explained yes votes while expressing ongoing concerns about future rate impacts. At the end of the meeting, members briefly discussed broader concerns about utility surcharges and the need to monitor the effects of legislation on ratepayers, but those comments were not part of the bill under consideration. The chair noted that future meetings may include more bills and could start earlier if needed, and the committee then adjourned.

Transcript Highlights:

• as well as many others in my state, from local speaking days, state competitions, and getting to attend
• as well as many others in my state, from local speaking days, state competitions, and getting to attend
• as well as many others in my state, from local speaking days, state competitions, and getting to attend
• familiar somewhat with our system, is we have an annual rules clinic that all coaches are required to attend
• familiar somewhat with our system, is we have an annual rules clinic that all coaches are required to attend

Keywords: Meeting Start: 01:24 Attendance Roll Call: 01:44 KY Association for Career & Technical Education: 03:40 Senate Concurrent Resolution 43 (Sen. West): 10:42 Senate Bill 77 (Sen. Deneen ): 31:26 Senate Bill 120 (Sen. Chambers Armstrong): 35:04 Adjournment: 51:44, 958, all

Summary: The Senate Education Committee met with a quorum and heard a presentation from Parker Keys, Northern Kentucky State Vice President for Kentucky FFA, on the value of career and technical education (CTE). He highlighted enrollment of more than 143,000 secondary students in CTE, work-based learning, dual credit, industry certifications, and the role of student organizations such as DECA, FBLA, FCCLA, FFA, Educators Rising, TSA, and SkillsUSA. Senators praised CTE as important for workforce readiness and resume building, and encouraged continued engagement with the committee. The committee then considered Senate Concurrent Resolution 43, sponsored by Senator Steve West, supporting a Southern Regional Education Board initiative to expand crisis counseling and recovery support for schools and colleges after tragedies and disasters. Dr. Steven Puit and Linda Tyrie described a regional network of trained counselors modeled on Kentucky’s response after Marshall County, emphasizing long-term recovery, psychological first aid, and deployment support for up to a year after an event. Members spoke in strong support, citing the lasting impact of Marshall County and Heath, and the resolution passed 13-0 and was reported favorably. Finally, the committee took up Senate Bill 77, a cleanup bill relating to the Education Professional Standards Board. Senator Matt Deneen and Association of Independent Kentucky Colleges and Universities representative Mr. Dyer explained that the bill clarifies that small independent colleges and universities may designate a qualified education department representative, not only a chief academic officer, to serve on the board. The committee adopted a committee substitute by voice vote, and the substitute was approved.

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=K5Cu-d9kQ54, 2026-06-21T07:17:07+00:00, 2.2.24, Data collected via generic collector engine, Attendance Roll Call 00:01:03 SB 299 Discussion 00:01:35 SB 299 Vote 01:00:42, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=gUBBp1IDCT0, 2026-06-21T07:17:04+00:00, 2.2.24, Data collected via generic collector engine, 00:27 Start 00:43 Attendance Roll Call 01:36 Kentucky Infrastructure Authority 12:53 State Board of Elections, 958, all, 2.2.42, 2.1.47

Transcript Highlights:

• He has got an event to attend, and want to try to let him get his bill out of here.
• He has got an event to attend, and want to try to let him get his bill out of here.

Keywords: Meeting Start 00:00 Attendance Roll Call 02:25 SB 100 Discussion 02:59 SB 100 Roll Call Vote 31:10 SJR 134 Discussion 32:41 SJR 134 Roll Call Vote 33:43 SB 222 Discussion 34:43 SB 222 Roll Call Vote 39:55, 958, all

Transcript Highlights:

• Chair, I'd like to record my attendance and a yes vote for 658. >> Thank you, Mr. Chairman. Mr.
• Chair, I'd like to record my attendance and a yes vote for 658. >> We will not change the outcome. >>
• Kentucky loses 291 acres of farmland each day, with the average farm being approximately 179 acres.
• Kentucky loses 291 acres of farmland each day, with the average farm being approximately 179 acres.

Keywords: Meeting Start: 00:00 Attendance Roll Call: 00:15 HB 658 Discussion: 03:40 HB 658 Roll Call Vote: 04:50 HB 142 Discussion: 06:30 HB 142 Roll Call Vote: 22:45 HB 571 Discussion: 24:25 HB 571 Roll Call Vote: 29:10, 958, all

Transcript Highlights:

• they had over 100 police officers, then the limitation is 25, the higher of 25 or 10% of what the average
• 25 the higher of 25 or 10% of<00:47:08.800><c> what</c><00:47:09.359><c> the</c><00:47:09.760><c> average
• </c><00:47:11.359><c> It's</c> of what the average was in 2015.
• It's of what the average was in 2015.

Keywords: Meeting Start: 00:00:00 Attendance Roll Call: 00:00:17 Approval of Minutes: 00:02:09 Legislative Proposals: HB 213: 00:02:13 HB 516: 00:25:00 HB 589: 00:39:30 Kentucky Public Pension Authority: 00:44:52 Adjournment: 01:14:07, 958, all

Summary: The Public Pension Oversight Board met on February 13 and approved the minutes after establishing a quorum. The committee then took up three pension-related bills, beginning with Rep. Callaway’s proposal to allow certain retired police officers with 15 to 19 years of service to be rehired by local law enforcement agencies. Callaway and Brandon Lincoln of the FOP said the bill is intended to help recruitment and retention, especially for departments facing staffing shortages, and emphasized that it would be optional and would not allow double-dipping. Committee members raised concerns that lowering the service threshold from 20 to 15 years could create an unfunded liability and weaken the pension system, and several members said they did not yet fully understand how the pension and insurance provisions would work. The sponsor said she was open to working on the bill, and the chair noted the committee would continue to examine it with help from KPA staff. The second bill, presented by Rep. Lewis with Brandon Lincoln and Jeff Taylor, addressed probationary employees in CS agencies, including firefighters and police officers. The bill would let certain former probationary employees purchase service credit for time spent in probation, and would extend line-of-duty death and disability protections to employees who are injured or killed during probationary service. Testimony said the measure is optional for employers, could be used as a recruitment tool, and would allow employees within six months of the probationary period to buy back the time themselves if they choose. Members generally supported the concept, noted a negligible fiscal note, and discussed whether current employees could buy back older probationary periods; the sponsor said the bill did not appear to allow that, though he was open to further discussion. Throughout both bills, members focused on whether the proposals would create new pension costs or liabilities and how they would interact with existing retirement tiers and contribution rules. Several members asked for clarification on whether rehired workers would contribute to the pension system, whether employers would pay normal cost or any contribution at all, and whether the bills would affect future retirement benefits. The sponsors and witnesses repeatedly said the measures were limited, optional, and intended to address staffing and fairness issues without changing the core retirement system, but the committee did not take final action on the bills during the discussion.

Transcript Highlights:

• every year, but due to our temporary status convening on top of the parking garage, we don't have the daily
• Representative Watkins. >> Representative Wesley. >> Representative Whitaker, I'd like to register my attendance
• &gt;&gt; I'd like to register my attendance and &gt;&gt; I'd like to register my attendance and vote<

Keywords: Meeting Start 00:00 Attendance Roll Call 01:05 HB 313 Discussion 02:16 HB 313 Roll Call Vote 04:33 HB 60 Discussion 05:30 HB 60 Roll Call Vote 20:12 HB 397 Discussion 21:18 HB 397 Roll Call Vote 31:35, 958, all