67A.560 Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -- Rules
and regulations.
(1)
(2)
(3)
(4)
(5)
(6)
The officers of the board shall consist of a president, vice president, and a secretary.
The president shall be the chief executive officer of the board, shall preside at all
meetings and shall appoint all necessary committees. The vice president shall serve
as president in the absence of the president.
The board shall designate a secretary who may be a member of the board and shall
fix the secretary's compensation. The secretary shall keep a full account of all
proceedings of the board and shall give notice of all meetings and give effect to all
resolutions, orders, and directives of the board. The secretary shall be in charge of
the detailed affairs of administration of the fund; shall keep the record of
proceedings of all meetings; shall keep all books, files, records, and accounts of the
fund; shall receive all applications for annuities, benefits, and refunds; shall prepare
periodic reports relative to the financial operations of the fund for the information
of the board and its membership; shall compile all statistics pertinent to the
operations of the fund; and shall answer all correspondence received by the board.
The commissioner of finance shall be ex officio treasurer of the board and custodian
of the fund. The commissioner shall have custody of all cash and securities of the
fund, subject to the authority and directives of the board, and shall keep such
accounts and records as may be prescribed by the board. These accounts and records
shall be subject to inspection of the board or any member thereof.
The commissioner of finance shall, within ten (10) days after his or her selection,
execute a bond to the board, with good surety, in such penal sum as the board
directs, to be approved by the board, conditioned upon the faithful performance of
the duties of the office, and that the commissioner shall safely keep and shall
truthfully account for all money and properties that come into his or her hands as
treasurer of the fund, and that upon the expiration of his or her term of office, he or
she shall deliver to his or her successor all securities, unexpended moneys, and
other properties that come into his or her hands as treasurer of the fund. The bond
shall be filed with the secretary of the board, and suit thereon may be filed in the
name of the board for use of the board or any person injured by its breach. The
premium on said bond may be paid out of the fund.
The commissioner of law of the government shall serve as legal adviser to the
board, except that the board shall have the power to hire independent counsel, the
cost of such independent counsel to be borne by the pension fund.
The board may employ actuarial assistance from time to time to advise it in matters
relating to the technical aspects of operations of the fund, to assist in the preparation
of the periodic financial reports, to determine rates of urban-county contribution,
and to make periodic analyses of the operation of the fund. Within six (6) months
after the establishment of an urban-county form of government, an actuarial study
shall be made for the purpose of recommending rates, mortality, disability,
retirement, separations from service, and other essential factors. Beginning July 1,
2000, and at least once every two (2) years thereafter an actuarial survey and
investigation shall be made of the operating experience of the fund, including a
(7)
study of the rates, mortality, disability, retirement, separations from service, and
other essential factors. The actuary shall recommend all mortality and interest tables
to be adopted by the board, and shall recommend, if appropriate, cost-of-living
increases as provided in KRS 67A.430. In the event such survey is not undertaken
as provided herein, any member of the fund or any annuitant may obtain an
injunction or mandamus requiring such survey and investigation, or may obtain the
appointment of a person or persons to make such study and investigation, from the
Circuit Court of any county in which the government is located.
The board shall establish rules and regulations to implement the provisions of KRS
67A.360 to 67A.690 which shall not be inconsistent therewith.
Effective: April 4, 2006
History: Amended 2006 Ky. Acts ch. 144, sec. 10, effective April 4, 2006. -- Amended
2000 Ky. Acts ch. 484, sec. 8, effective July 14, 2000. -- Amended 1990 Ky. Acts
ch. 189, sec. 6, effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 24, sec. 4,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 297, sec. 4, effective July 15,
1982. -- Created 1974 Ky. Acts ch. 106, sec. 21, effective July 1, 1974.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
