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230.375 Kentucky Race Track Retirement Plan.
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The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., may
create and fund the Kentucky Race Track Retirement Plan. The board shall use no
more than twenty-five percent (25%) of the annual sum paid by the racing
commission under KRS 230.361 to 230.373 to fund the plan.
The plan shall be provided for the benefit of Thoroughbred trainers, assistant
trainers, exercise riders, grooms, stable attendants, and other stable employees who
can demonstrate that they are not otherwise eligible to participate in any other
private or public, nonself-funded retirement or pension plan.
The Kentucky Race Track Retirement Plan shall be administered by the board of
directors of the Kentucky Racing Health and Welfare Fund, Inc., for the charitable
and benevolent purposes set forth in KRS 230.374, and no part of the sums
administered by the fund for the plan or any net earnings of the plan shall inure to
the benefit of any private individual, director, officer, or member of the fund, or any
of the persons who paid sums to the racing commission under the provisions of
KRS 230.361 to 230.373.
The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., shall
be the trustee of the plan's funds and shall have full power to invest and reinvest
funds. Investments shall be diversified to balance the risks associated with various
investment options to maintain the long-term solvency of the plan. The board shall
have full power to hold, purchase, sell, assign, transfer, or dispose of any of the
investments in which any of the plan's funds have been invested, as well as of the
proceeds of investments belonging to the plan. The board members or any
investment manager shall discharge their duties with respect to the assets of the plan
solely in the interest of the plan's members and:
(a) For the exclusive purposes of providing benefits to plan members and their
beneficiaries and defraying reasonable expenses of administering the plan;
(b) With the care, skill, prudence, and diligence under the circumstances that a
prudent person acting in a like capacity and familiar with these matters would
use in the conduct of an enterprise of a like character and with like aims; and
(c) In accordance with any other laws or instruments governing the administration
of the plan's funds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 474, effective July 15, 2010. -- Amended
2004 Ky. Acts ch. 191, sec. 30, effective July 13, 2004. -- Created 2000 Ky. Acts
ch. 447, sec. 3, effective July 14, 2000.
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