2012 Kentucky Revised Statutes CHAPTER 21 JUDICIAL RETIREMENT 21.540 Duties of board of trustees -- Qualified domestic relations orders -- Intent to conform with federal law -- Availability of information on Web site -- Conflicts of interest -- Prohibition against fees for unregulated placement agents.
Download as PDF
21.540 Duties of board of trustees -- Qualified domestic relations orders -- Intent to
conform with federal law -- Availability of information on Web site -- Conflicts
of interest -- Prohibition against fees for unregulated placement agents.
(1)
(2)
(3)
Except as provided in KRS 21.550, 21.560, and subsection (3) of this section, the
board of trustees of the Judicial Form Retirement System shall be charged with the
administration of that system and of KRS 21.350 to 21.510, and shall have all
powers necessary thereto, including the power to promulgate all reasonable
administrative regulations, pass upon questions of eligibility and disability, make
employments for services, and to contract for fiduciary liability insurance, and for
investment counseling, actuarial, auditing, and other professional services as
required without the limitations of KRS 45A.045. The administrative expenses shall
be paid out of an administrative account which shall be funded by transfers of the
necessary money, in appropriate ratio, from the funds provided for in KRS 21.550
and 21.560.
(a) A qualified domestic relations order issued by a court or administrative
agency shall be honored by the Judicial Form Retirement System if the order
is in compliance with the requirements established by the retirement system.
(b) Except in cases involving child support payments, the Judicial Form
Retirement System may charge reasonable and necessary fees and expenses to
the participant and the alternate payee of a qualified domestic relations order
for the administration of the qualified domestic relations order by the
retirement system. All fees and expenses shall be established by
administrative regulations promulgated by the board of trustees of the
retirement system. The qualified domestic relations order shall specify
whether the fees and expenses provided by this subsection shall be paid:
1.
Solely by the participant;
2.
Solely by the alternate payee; or
3.
Equally shared by the participant and alternate payee.
(c) For purposes of this subsection, a "qualified domestic relations order" shall
mean any judgment, decree, or order, including approval of a property
settlement agreement, that:
1.
Is issued by a court or administrative agency; and
2.
Relates to the provision of child support, alimony payments, or marital
property rights to a spouse, former spouse, child, or other dependent of a
member.
Notwithstanding any other evidence of legislative intent, it is hereby declared to be
the controlling legislative intent that the provisions of KRS 21.345 to 21.580 and
6.500 to 6.577 shall conform with federal statutes or regulations and meet the
qualification requirements under 26 U.S.C. sec. 401(a), applicable federal
regulations, and other published guidance, and the board shall have the authority to
promulgate administrative regulations, with retroactive effect if required under
federal law, to conform the Legislators' Retirement Plan and the Judicial Retirement
Plan with federal statutes and regulations and to meet the qualification requirements
(4)
(5)
(6)
under 26 U.S.C. sec. 401(a).
The Judicial Form Retirement System shall make available on a public Web site, a
listing of all system expenditures and a listing of each individual employed by the
systems along with the employee's salary or wages. The system may provide the
information through a Web site established by the executive or judicial branch to
inform the public about executive or judicial branch agency expenditures and public
employee salaries and wages. Nothing in this subsection shall require or compel the
Judicial Form Retirement System to disclose information specific to the account of
an individual member of the Legislators' Retirement Plan or the Judicial Retirement
Plan.
No trustee or employee of the board shall:
(a) Have any interest, direct or indirect, in the gains or profits of any investment
or transaction made by the board;
(b) Directly or indirectly, for himself or herself or as an agent, use the assets of
the system, except to make current and necessary payments authorized by the
board;
(c) Become an indorser, surety, or 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
systems 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 system. The provisions of this paragraph shall not prohibit a
trustee from serving as a judge or member of the General Assembly.
Notwithstanding any other provision of KRS 6.500 to 6.577 and 21.345 to 21.580 to
the contrary, no funds of the Legislators' Retirement Plan or the Judicial Retirement
Plan, including fees and commissions paid to an investment manager, private fund,
or company issuing securities, who manages systems assets, shall be used to pay
fees and commissions to unregulated placement agents. For purposes of this
subsection, "unregulated placement agent" means an individual or firm who solicits
investments on behalf of an investment manager, private fund, or company issuing
securities, who is prohibited by federal securities laws and regulations promulgated
thereunder from receiving compensation for soliciting a government agency.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 75, sec. 7, effective April 11, 2012. -- Amended
2010 Ky. Acts ch. 132, sec. 1, effective July 15, 2010; and ch. 148, sec. 4, effective
July 15, 2010. -- Amended 1994 Ky. Acts ch. 266, sec. 1, effective July 15, 1994. -Amended 1990 Ky. Acts ch. 263, sec. 1, effective July 13, 1990. -- Amended 1984
Ky. Acts ch. 111, sec. 30, effective July 13, 1984. -- Created 1980 Ky. Acts ch. 407,
sec. 20, effective July 1, 1980.
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.