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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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