The legislation aims to increase the rate at which PE and hedge fund managers are taxed.
The state pension fund has more than $1 billion invested in companies such as Chevron, Exxon, and ConocoPhillips.
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Citing under-representation in the current KRS board, the system puts forth legislation to establish its own panel.
In transparency move, proposed bill would also create a new legislative panel to review pension system fees and employee salaries.