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67A.560 Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -Rules and regulations.
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The officers of the board shall consist of a president, vice president, and a
secretary. The president shall be the chief executive officer of the board, shall
preside at all meetings and shall appoint all necessary committees. The vice
president shall serve as president in the absence of the president.
The board shall designate a secretary who may be a member of the board and
shall fix the secretary's compensation. The secretary shall keep a full account
of all proceedings of the board and shall give notice of all meetings and give
effect to all resolutions, orders, and directives of the board. The secretary shall
be in charge of the detailed affairs of administration of the fund; shall keep the
record of proceedings of all meetings; shall keep all books, files, records, and
accounts of the fund; shall receive all applications for annuities, benefits, and
refunds; shall prepare periodic reports relative to the financial operations of the
fund for the information of the board and its membership; shall compile all
statistics pertinent to the operations of the fund; and shall answer all
correspondence received by the board.
The commissioner of finance shall be ex officio treasurer of the board and
custodian of the fund. The commissioner shall have custody of all cash and
securities of the fund, subject to the authority and directives of the board, and
shall keep such accounts and records as may be prescribed by the board.
These accounts and records shall be subject to inspection of the board or any
member thereof.
The commissioner of finance shall, within ten (10) days after his or her
selection, execute a bond to the board, with good surety, in such penal sum as
the board directs, to be approved by the board, conditioned upon the faithful
performance of the duties of the office, and that the commissioner shall safely
keep and shall truthfully account for all money and properties that come into his
or her hands as treasurer of the fund, and that upon the expiration of his or her
term of office, he or she shall deliver to his or her successor all securities,
unexpended moneys, and other properties that come into his or her hands as
treasurer of the fund. The bond shall be filed with the secretary of the board,
and suit thereon may be filed in the name of the board for use of the board or
any person injured by its breach. The premium on said bond may be paid out
of the fund.
The commissioner of law of the government shall serve as legal adviser to the
board, except that the board shall have the power to hire independent counsel,
the cost of such independent counsel to be borne by the pension fund.
(a) The board shall employ actuarial assistance from time to time to advise it
in matters relating to the technical aspects of operations of the fund, to
assist in the preparation of the periodic financial reports, to conduct the
annual actuarial valuation of the fund, to determine the government's
contribution as provided by KRS 67A.520, and to make periodic analyses
of the operation of the fund.
(b) Within six (6) months after the establishment of an urban-county form of
government, an actuarial study shall be made for the purpose of
recommending rates, mortality, disability, retirement, separations from
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service, and other essential factors.
(c) Beginning with the fiscal year ending June 30, 2013, and each fiscal year
thereafter, an actuarial valuation of the fund shall be completed by the
actuary employed by the fund. The valuation shall include a description of
the actuarial assumptions used and descriptive statistics on the actuarial
health of the fund, and shall determine the government's contribution in
accordance with KRS 67A.520. Actuarial assumptions used in the fund's
valuation shall be reasonably related to the experience of the fund and
represent the actuary's best estimate of anticipated experience.
(d) At least once every five (5) years, the board shall cause an actuarial
experience study of the fund to be completed by the actuary employed by
the board. The actuarial experience study shall include a review of
actuarial assumptions, actuarial tables, and actuarial funding methods
used in the actuarial valuation. Based upon the results of the experience
study, the actuary employed by the fund shall recommend the actuarial
assumptions, actuarial tables, and actuarial funding methods to be
adopted by the board.
(e) In the event the actuarial valuation or actuarial experience study is not
undertaken as provided by this subsection, any member of the fund or
any annuitant may obtain an injunction or mandamus requiring the
actuarial valuation or actuarial experience study be completed, or may
obtain the appointment of a person or persons to complete the actuarial
valuation or actuarial experience study, from the Circuit Court of any
county in which the government is located.
The board shall establish rules and regulations to implement the provisions of
KRS 67A.360 to 67A.690 which shall not be inconsistent therewith.
Effective:March 14, 2013
History: Amended 2013 Ky. Acts ch. 7, sec. 15, effective March 14, 2013. -Amended 2006 Ky. Acts ch. 144, sec. 10, effective April 4, 2006. -- Amended
2000 Ky. Acts ch. 484, sec. 8, effective July 14, 2000. -- Amended 1990 Ky.
Acts ch. 189, sec. 6, effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 24,
sec. 4, effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 297, sec. 4,
effective July 15, 1982. -- Created 1974 Ky. Acts ch. 106, sec. 21, effective July
1, 1974.
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