18A.245 Board of trustees -- Membership, terms, meetings -- Powers -- Annual
financial report.
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The authority shall be administered by a board of trustees composed of seven (7)
members, who shall be as follows:
(a) Secretary, Finance and Administration Cabinet, ex officio;
(b) Secretary of personnel, ex officio;
(c) The state controller, ex officio; and
(d) Four (4) at-large members appointed by the Governor, one (1) of whom shall
have at least five (5) years of investment or banking experience and one (1) of
whom shall be a representative of a nonstate government employer.
The members of the board appointed by the Governor shall serve for a period of
four (4) years and the ex officio members of the board shall serve only for the
period of their term of office. Each ex officio member may designate a proxy by
written notice to the authority prior to call of order of each meeting, and the proxy
shall be entitled to participate as a full voting member.
Any vacancy which may occur shall be filled in the same manner provided for the
selection of the particular member for a full term. Vacancies shall be filled for the
unexpired term only.
Membership on the board of trustees shall not be incompatible with any other office
unless a constitutional incompatibility exists, and no member shall be subject to
removal from office, except upon conviction of a felony, or of a misdemeanor
involving moral turpitude.
Board members who do not otherwise receive a salary or compensation from the
State Treasury shall receive a per diem of one hundred dollars (0) for each day
they are in session or on official duty, and they shall be reimbursed for their actual
and necessary expenses in accordance with state administrative regulations and
standards applicable to state employees.
The board shall meet at least once in each quarter of the year, and may meet in
special session upon the call of the chairman. It shall elect a chairman and a vice
chairman. A majority of the members shall constitute a quorum, and all actions
taken by the board shall be by affirmative vote of a majority of the members
present.
The authority shall be attached to the Personnel Cabinet for administrative purposes
only. The board may take but is not limited to the following actions:
(a) Appoint such employees as it deems necessary and fix the compensation for
all employees of the board, subject to the approval of the secretary. The
executive director of the authority and employees appointed by the board shall
serve at its will and pleasure. All other staff of the authority shall be employed
under KRS 18A.005 to 18A.200;
(b) Require such employees as it thinks proper to execute bonds for the faithful
performance of their duties;
(c) Establish a system of accounting;
(d)
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Contract for such services as may be necessary for the operation or
administration of deferred compensation plans authorized in KRS 18A.230 to
18A.275, including annual audits;
(e) Do all things, take all actions, and adopt plans for participation consistent with
federal law and with the provisions of KRS 18A.230 to 18A.275, including
but not limited to:
1.
Amending the board's plan for the Kentucky Public Employees 401(k)
Deferred Compensation Plan or the Kentucky Employees 457 Deferred
Compensation Plan, or both such plans, to adopt, maintain, and
terminate a deemed IRA program under Internal Revenue Code Section
408;
2.
Amending the board's plan for the Kentucky Public Employees 401(k)
Deferred Compensation Plan to adopt, maintain, and terminate a
qualified Roth contribution program under Internal Revenue Code
Section 402A; and
3.
Adopting, maintaining, and terminating an Internal Revenue Code
Section 403(b) plan for qualified employees; and
(f) Contract with persons or companies duly licensed by the state of Kentucky
and applicable federal regulatory agencies, at the cost of the trust fund, to
provide investment advice to participants in the plans, with respect to their
selection of permitted investments in the plans.
The Attorney General, or an assistant designated by him, may act as legal adviser
and attorney for the board. The board may also appoint legal counsel in accordance
with KRS Chapter 12.
The board shall prepare an annual financial report showing all receipts,
disbursements, assets, and liabilities and shall submit a copy to the Governor and
the Legislative Research Commission. All board meetings and records shall be open
for inspection by the public.
Effective: July 15, 2008
History: Amended 2008 Ky. Acts ch. 181, sec. 3, effective July 15, 2008. -- Amended
2002 Ky. Acts ch. 123, sec. 2, effective July 15, 2002. -- Amended 1998 Ky. Acts
ch. 154, sec. 50, effective July 15, 1998. -- Amended 1994 Ky. Acts ch. 496, sec. 25,
effective July 15, 1994. -- Amended 1988 Ky. Acts ch. 154, sec. 1, effective July 15,
1988. -- Amended 1984 Ky. Acts ch. 234, sec. 3, effective July 13, 1984. -Repealed, reenacted, and amended as KRS 18A.245, 1982 Ky. Acts ch. 448, sec. 49,
effective July 15, 1982. -- Created 1974 Ky. Acts ch. 143, sec. 5.
Formerly codified as KRS 18.540.
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