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7A.220 Membership of board.
(1)
(2)
The Public Pension Oversight Board shall be composed of the following thirteen
(13) members:
(a) Two (2) members of the General Assembly appointed by the Speaker of the
House of Representatives, each of whom shall serve while a member of the
House for the term for which he or she has been elected, and one (1) of whom
the Speaker shall designate as co-chair;
(b) Two (2) members of the General Assembly appointed by the President of the
Senate, each of whom shall serve while a member of the Senate for the term
for which he or she has been elected, and one (1) of whom the President shall
designate as co-chair;
(c) One (1) member of the General Assembly appointed by the Minority Floor
Leader of the Senate, who shall serve while a member of the Senate for the
term for which he or she has been elected;
(d) One (1) member of the General Assembly appointed by the Minority Floor
Leader of the House of Representatives, who shall serve while a member of
the House for the term for which he or she has been elected;
(e) One (1) individual appointed by the Speaker of the House of Representatives,
who shall be certified as a chartered financial analyst (CFA) with at least ten
(10) years of investment experience or who shall possess at least ten (10)
years of retirement experience as defined by subsection (2) of this section;
(f) One (1) individual appointed by the President of the Senate, who shall be
certified as a chartered financial analyst (CFA) with at least ten (10) years of
investment experience or who shall possess at least ten (10) years of
retirement experience as defined by subsection (2) of this section;
(g) The state budget director or his or her designee;
(h) The Auditor of Public Accounts or his or her designee;
(i) The Attorney General or his or her designee; and
(j) Two (2) individuals appointed by the Governor, one (1) of whom shall be
certified as a chartered financial analyst (CFA) with at least ten (10) years of
investment experience and one (1) of whom shall possess at least ten (10)
years of retirement experience as defined by subsection (2) of this section.
For purposes of this section, "retirement experience" means:
(a) Experience in retirement or pension plan management;
(b) A certified public accountant with relevant experience in retirement or
pension plan accounting;
(c) An actuary with relevant experience in retirement or pension plan consulting;
(d) An attorney licensed to practice law in the Commonwealth of Kentucky with
relevant experience in retirement or pension plans; or
(e) A current or former university professor whose primary area of emphasis is
economics or finance.
(3)
(4)
(5)
Individuals appointed under subsection (1)(e), (f), and (j) of this section shall not:
(a) Be a member of the General Assembly;
(b) Be employed by a state agency of the Commonwealth of Kentucky or
receiving a contractual payment for services rendered to a state agency of the
Commonwealth of Kentucky that would conflict with his or her service to the
board; or
(c) Serve more than three (3) consecutive four (4) year terms on the board.
Any vacancy which may occur in the membership of the board shall be filled by the
appointing authority who made the original appointment.
Individuals appointed under subsection (1)(e), (f), and (j) of this section shall serve
a term of four (4) years.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 27, sec. 3, effective June 24, 2015. -- Created
2013 Ky. Acts ch. 120, sec. 3, effective July 1, 2013.
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