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7A.250 Powers and duties of board.
The Public Pension Oversight Board:
(1) Shall, from time to time, conduct an impartial review of all the laws governing the
state-administered retirement systems and recommend any changes it may find
desirable with respect to benefits and administration, funding of benefits,
investments of funds, and the improvement of language, structure, and organization
of the statutes;
(2) Shall, once every five (5) years, review the benefits provided to employees who
begin participating in the systems administered by Kentucky Retirement Systems on
or after January 1, 2014, and recommend any changes to the provisions affecting
these employees that are necessary to maintain the actuarial soundness of the
systems;
(3) Shall review semiannually the investment programs of the state-administered
retirement systems, including a review of asset allocation targets and ranges, risk
factors, asset class benchmarks, total return objectives, relative volatility,
performance evaluation guidelines, investment policies, and securities litigation
policies and recoveries from fraud or other corporate malfeasance. The board may
establish an advisory committee, as provided by KRS 7A.260, which may include
investment professionals to assist in complying with the provisions of this
subsection;
(4) May review any benefits, bylaws, policies, or charters established by the stateadministered retirement systems;
(5) Shall, at the request of the Speaker of the House of Representatives or the President
of the Senate, evaluate proposed changes to laws affecting the state-administered
retirement systems and report to the Speaker or the President on the probable costs,
actuarial implications, and desirability as a matter of public policy;
(6) May review all new or amended administrative regulations of the state-administered
retirement systems and provide comments to the Administrative Regulation Review
Subcommittee established by KRS 13A.020;
(7) Shall research issues related to the state-administered retirement systems as directed
by the Legislative Research Commission;
(8) Shall at least once every five (5) years have an actuarial audit performed for the
state-administered retirement systems to evaluate the reliability of each system's
actuarial assumptions and methods. The actuarial audit shall be performed by an
actuary retained by the Public Pension Oversight Board;
(9) Shall prior to each budget biennium have an actuarial review of the funding requests
and needs submitted by the state-administered retirement systems. The review shall
be performed by an actuary retained by the Public Pension Oversight Board; and
(10) Shall publish an annual report covering the board's evaluation and recommendations
with respect to the operations of the state-administered retirement systems. The
report shall be submitted to the Legislative Research Commission no later than
December 31 of each year and shall include at a minimum any legislative
recommendations made by the board, a summary of the financial and actuarial
condition of the state-administered retirement systems, and an analysis of the
adequacy of the current levels of funding.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 133, sec. 3, effective July 15, 2016. -- Amended
2015 Ky. Acts ch. 27, sec. 5, effective June 24, 2015. -- Created 2013 Ky. Acts ch.
120, sec. 6, effective July 1, 2013.
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