Legislation aimed at creating stricter reporting requirements to boost oversight of Kentucky's troubled pension systems has cleared the state Senate.
The measure seeks to shed more light on the fees and investment practices of the pension systems. The measure passed the Senate on a 37-0 vote Wednesday and heads next to the House.
Republican Sen. Joe Bowen of Owensboro, the bill's lead sponsor, calls the proposal a "critical first step" to increase transparency and accountability of the pension systems.
Kentucky's pension systems continued their downward slide in 2016, with plans covering teachers and state employees losing more than $1.8 billion in value while obligations are increasing. Bowen says those pension liabilities looms as the state's greatest challenge.
The bill also requires the pension systems to follow the state's model procurement code.