2014 Kentucky Revised Statutes CHAPTER 78 - COUNTY EMPLOYEES' CIVIL SERVICE AND RETIREMENT 78.790 Board trustee of funds -- Investments -- Registration of securities -- Investment committee of funds -- Cap on amount of assets managed by any one investment manager.
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78.790 Board trustee of 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 78.510 to
78.852, 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 stocks 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 the authority of KRS 78.510 to 78.852 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 the 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 78.510 to 78.852.
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. 4, effective July 15, 2010; and
ch. 173, sec. 10, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 36,
sec. 35, effective July 13, 2004. -- Amended 2003 Ky. Acts ch. 169, sec. 14,
effective March 31, 2003. -- Amended 1988 Ky. Acts ch. 349, sec. 40, effective
July 15, 1988. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended 1974 Ky.
Acts ch. 128, sec. 35, effective March 26, 1974. -- Amended 1972 Ky. Acts
ch. 116, sec. 72. -- Amended 1966 Ky. Acts ch. 34, sec. 13. -- Amended 1960
Ky. Acts ch. 165, Pt. III, sec. 3. -- Created 1958 Ky. Acts ch. 167, sec. 29.
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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