2018 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM .655 Conflict of interest -- Trustees, employees, members of General Assembly, public servants.
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61.655 Conflict of interest -- Trustees, employees, members of General Assembly,
public servants.
(1)
(2)
(3)
No trustee or employee of the Kentucky Retirement Systems board shall:
(a) Have any interest, direct or indirect, in the gains or profits of any investment
or any other legal, business, or financial transaction made by the board, save
insofar as any such trustee or employee may be a member, employee, or
beneficiary of the retirement system;
(b) Directly or indirectly, for himself or as an agent, use the assets of the
retirement system, except to make current and necessary payments authorized
by the board;
(c) Become an indorser or surety or in any manner an obligor for moneys loaned
by or borrowed from the board;
(d) Have a contract or agreement with the retirement system, individually or
through a business owned by the trustee or the employee;
(e) Use his or her official position with the retirement system to obtain a financial
gain or benefit or advantage for himself or herself or a family member;
(f) Use confidential information acquired during his or her tenure with the
retirement system to further his or her own economic interests or that of
another person; or
(g) Hold outside employment with, or accept compensation from, any person or
business with which he or she has involvement as part of his or her official
position with the retirement system. The provisions of this subsection shall
not prohibit a trustee from serving as an employee of an agency participating
in one (1) of the systems administered by Kentucky Retirement Systems.
No trustee or employee of the board of trustees, who has served as a trustee or
employee of the board on or after July 1, 2017, shall have any interest, direct or
indirect, in the gains or profits of any investment or any other legal, business, or
financial transaction made by the board of trustees for a period of five (5) years
following termination of his or her position, except that any such trustee or
employee may be a member, employee, or beneficiary of the systems administered
by Kentucky Retirement Systems.
(a) No person who is serving as a member of the General Assembly or is a public
servant as defined by KRS 11A.010(9) shall have any interest, direct or
indirect, in the gains or profits of any investment or any other legal, business,
or financial transaction made by the board of trustees, except that any such
trustee or public servant may be a member, employee, or beneficiary of the
systems administered by Kentucky Retirement Systems.
(b) No person who was serving as a member of the General Assembly on or after
July 1, 2017, or was serving as a public servant as defined by KRS
11A.010(9) on or after July 1, 2017, shall have any interest, direct or indirect,
in the gains or profits of any investment or any other legal, business, or
financial transaction made by the board of trustees for a period of five (5)
years following termination of his or her position, except that any such
member or public servant may be a member, employee, or beneficiary of the
systems administered by Kentucky Retirement Systems.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 107, sec. 39, effective July 14, 2018. -- Amended
2012 Ky. Acts ch. 75, sec. 9, effective April 11, 2012. -- Amended 1972 Ky. Acts ch.
116, sec. 50. -- Created 1956 Ky. Acts ch. 110, sec. 30.
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