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95.872 Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -Rules and regulations.
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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 his compensation. The secretary shall keep a full account of all
proceedings of the board, shall give notice of all meetings and give effect to all
resolutions, orders, and directives of the board. He 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 city treasurer shall be ex officio treasurer of the board, and custodian of
the fund. He 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 city treasurer shall, within ten (10) days after his 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 his office, and that he will safely keep and will truthfully account for all money
and properties that come into his hands as treasurer of the fund, and that upon
the expiration of his term of office, he will deliver to his successor all securities,
unexpended moneys, and other properties that come into his hands as
treasurer of the fund. The bond will 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, except that the board shall have the power to hire independent counsel
for any suits or actions of law, the cost of such independent counsel to be
borne by the board.
The director of law of the city shall serve as legal adviser to the board on all
matters pertaining to the fund involving suits or actions at law, and on any
questions of the interpretation of the provisions hereof, except that the board
shall have the power to hire independent counsel for any suits or actions of
law, the cost of such independent counsel to be borne by the board.
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 city
contribution, and to make periodic analyses of the operation of the fund. Within
six (6) months after the establishment, an actuarial study shall be made for the
purpose of recommending rates, mortality, disability, retirement, separations
from service and other essential factors. At least once every three (3) years
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thereafter, an actuarial survey and investigation shall be made of the operating
experience of the fund, including a 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 95.859(1) to (3)(a). 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 city is located.
The board shall establish rules and regulations to implement the provisions of
KRS 95.851 to 95.884 and 95.991, which shall not be inconsistent therewith.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 111, sec. 2, effective July 12, 2012. -Amended 1982 Ky. Acts ch. 297, sec. 9, effective July 15, 1982. -- Amended
1980 Ky. Acts ch. 188, sec. 89, effective July 15, 1980. -- Amended 1974 Ky.
Acts ch. 396, sec. 9. -- Created 1956 Ky. Acts ch. 16, sec. 22, effective July 1,
1956.
Legislative Research Commission Note (11/21/96). In 1974, the Reviser of
Statutes renumbered KRS 95.885 as KRS 95.991. 1980 Ky. Acts ch. 188, sec.
89, a revisory act, mistakenly changed a reference in this statute from "KRS
95.851 to 95.885" to "KRS 95.851 to 95.991." Because this change would
appear to effect a substantive change in the law, it has been disregarded, and
the reference has been made to read "KRS 95.851 to 95.884 and KRS 95.991"
under KRS 7.123(4) and 7.136(1)(a).
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