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342.1223 Kentucky Workers' Compensation Funding Commission.
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The Kentucky Workers' Compensation Funding Commission is created as an
agency of the Commonwealth for the public purpose of controlling, investing, and
managing the funds collected pursuant to KRS 342.122.
The commission shall:
(a) Hold, administer, invest, and reinvest the funds collected pursuant to KRS
342.122 and its other funds separate and apart from all "state funds" or "public
funds," as defined in KRS Chapter 446;
(b) Act as a fiduciary, as defined in KRS Chapter 386, in exercising its power
over the funds collected pursuant to KRS 342.122, and may invest association
funds through one (1) or more banks, trust companies, or other financial
institutions with offices in Kentucky in good standing with the Department of
Financial Institutions, in investments described in KRS Chapter 386, except
that the funding commission may, at its discretion, invest in nondividendpaying equity securities;
(c) Report to the General Assembly at each even-numbered-year regular session
the actuarial soundness and adequacy of the funding mechanism for the
special fund and other programs supported by the mechanism, including
detailed information on the investment of funds and yields thereon;
(d) Recommend to the General Assembly, not later than October 31 of the year
prior to each even-numbered-year regular legislative session, changes deemed
necessary in the level of the assessments imposed in this chapter;
(e) In conjunction with the Labor Cabinet, submit to the General Assembly, not
later than October 31 of the year prior to each even-numbered-year regular
legislative session, a proposed budget for the biennium beginning July 1
following the even-numbered-year regular session of the General Assembly;
(f) In conjunction with the Labor Cabinet, provide to the Interim Joint Committee
on Appropriations and Revenue an annual budget and detailed quarterly
financial reports;
(g) Conduct periodic audits, independently or in cooperation with the Labor
Cabinet or the Department of Revenue, of all entities subject to the
assessments imposed in this chapter; and
(h) Report monthly to the Committees on Appropriations and Revenue and on
Labor and Industry its monthly expenditures of restricted agency funds and the
nature of the expenditures.
The commission shall have all of the powers necessary or convenient to carry out
and effectuate the purposes for which it was established, including, but not limited
to, the power:
(a) To sue and be sued, complain, or defend, in its name;
(b) To elect, appoint, or hire officers, agents, and employees, and define their
duties and fix their compensation within the limits of its budget approved by
the General Assembly;
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To contract for investment counseling, legal, actuarial, auditing, and other
professional services in accordance with the provisions relating to personal
service contracts contained in KRS Chapter 45A;
(d) To appoint, hire, and contract with banks, trust companies, and other entities
to serve as depositories and custodians of its investment receipts and other
funds;
(e) To take any and all other actions consistent with the purposes of the
commission and the provisions of this chapter; and
(f) To make and promulgate administrative regulations.
Notwithstanding the provisions of this chapter to the contrary, the Kentucky
Workers' Compensation Funding Commission shall utilize the investment expertise
and advice of the Office of Financial Management in the Office of the Controller
within the Finance and Administration Cabinet rather than entering into a
consulting contract for investment counseling. The fees charged by financial
institutions for managing the investments of the funds of the funding commission
shall be paid from the investment earnings of the funds.
The commission shall be attached to the Labor Cabinet for administrative purposes
only.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1788, effective July 15, 2010. -Amended 2005 Ky. Acts ch. 85, sec. 682, effective June 20, 2005. -- Amended 2001
Ky. Acts ch. 58, sec. 25, effective June 21, 2001. -- Amended 2000 Ky. Acts ch. 46,
sec. 29, effective July 14, 2000. -- Amended 1996 (1st Extra. Sess.) Ky. Acts ch. 1,
sec. 5, effective December 12, 1996. -- Amended 1994 Ky. Acts ch. 181, Part. 2,
sec. 6, effective April 4, 1994: and ch. 201, sec. 1, effective July 15, 1994. -Amended 1990 Ky. Acts ch. 33, sec. 4, effective July 13, 1990; ch. 321, sec. 11,
effective July 13, 1990; and ch. 496, sec. 62, effective July 13, 1990. -- Amended
1988 Ky. Acts ch. 437, Pt. II, M, sec. 58, effective April 15, 1988. -- Created 1987
(1st Extra. Sess.) Ky. Acts ch. 1, sec. 63, effective October 26, 1987.
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