2013 Kentucky Revised Statutes CHAPTER 16 - STATE POLICE 16.642 Board of trustee funds -- Investments -- Registration of securities -- Investment committee of funds -- Cap on amount of assets managed by any one investment manager.
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16.642 Board of trustee funds -- Investments -- Registration of securities -Investment committee of funds -- Cap on amount of assets managed by
any one investment manager.
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The board shall be the trustee of the several funds created by KRS 16.505 to
16.652 and shall have full power to invest and reinvest such funds, subject to
the limitations that no investments shall be made except upon the exercise of
bona fide discretion, in securities which, at the time of making the investment,
are, by law, permitted for the investment of funds by fiduciaries in this state,
except that the board may, at its discretion, purchase common stock in
corporations that do not have a record of paying dividends to their
stockholders. Subject to such limitations, the board shall have full power to
hold, purchase, sell, assign, transfer or dispose of any of the securities or
investments in which any of the funds created herein have been invested, as
well as of the proceeds of such investments and any moneys belonging to such
funds.
All securities acquired under authority of KRS 16.505 to 16.652 shall be
registered in the name "Kentucky Retirement Systems" or nominee name as
provided by KRS 286.3-225, and every change in registration, by reason of
sale or assignment of such securities shall be accomplished pursuant to written
policies adopted by the board.
The board, in keeping with its responsibility as trustee and wherever feasible,
shall give priority to the investment of funds in obligations calculated to improve
the industrial development and enhance the economic welfare of the
Commonwealth.
The investment committee established pursuant to KRS 61.650 shall serve as
the investment committee of the funds established by KRS 16.505 to 16.652.
Based upon market value at the time of purchase, the board shall limit the
amount of assets managed by any one (1) active or passive investment
manager to fifteen percent (15%) of the assets in the pension and insurance
funds.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 127, sec. 3, effective July 15, 2010; and
ch. 173, sec. 2, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 36,
sec. 5, effective July 13, 2004. -- Amended 2003 Ky. Acts ch. 169, sec. 2,
effective March 31, 2003. -- Amended 1988 Ky. Acts ch. 349, sec. 4, effective
July 15, 1988. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended 1974 Ky.
Acts ch. 128, sec. 10, effective March 26, 1974. -- Amended 1972 Ky. Acts
ch. 116, sec. 16. -- Created 1966 Ky. Acts ch. 33, sec. 7.
Legislative Research Commission Note (7/15/2010). This section was amended
by 2010 Ky. Acts chs. 127 and 173, which do not appear to be in conflict and
have been codified together.
Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247
instructs the Reviser of Statutes to adjust KRS references throughout the
statutes to conform with the 2006 renumbering of the Financial Services Code,
KRS Chapter 286. Such an adjustment has been made in this statute.
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