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95.905 Governing board of fund -- Membership.
The fund shall be governed by a board created in the following manner:
(1) A temporary council, comprised of the executive director of the Kentucky
Municipal League or his designee, the president of the Fraternal Order of
Police or his designee, and the president of the Associated Professional
Firefighters or his designee shall exist for the purpose of receiving
appointments to the board, establishing a date for receipt of moneys into the
fund, and scheduling the first meeting of the board. Organizations or entities
authorized to make appointments to the board shall submit those appointments
to the temporary council. The temporary council shall cease to exist when the
board has met and selected a chairman.
(2) Two (2) board members shall be appointed by the Kentucky State Lodge,
Fraternal Order of Police, from among policemen whose local government
pension systems have pledged to invest assets in the fund on the date
established by the temporary council.
(3) Two (2) board members shall be appointed by the Associated Professional
Firefighters from among firefighters whose local government pension systems
have pledged to invest assets in the fund on the date established by the
temporary council.
(4) Two (2) board members shall be appointed by the Kentucky Municipal League
from among elected city officials or appointed city administrators whose city
pension systems have pledged to invest assets in the fund on the date
established by the temporary council.
(5) Two (2) board members shall be appointed from among employees whose city
pension systems for nonuniformed employees have pledged to invest assets in
the fund on the date established by the temporary council. The participants in
this category shall consult among themselves to select their two (2) board
members. Should there be only one (1) participant in this category, only one (1)
member shall be appointed.
(6) One (1) board member shall be appointed by the board within three (3) months
of the first board meeting from among persons who have demonstrated
competence in a fiduciary capacity.
(7) In addition, any participant which has invested or pledged to invest at least two
hundred thousand dollars ($200,000) in the fund, or fifteen (15) percent of the
total assets of the fund, whichever is greater shall appoint one (1) board
member from among its employees covered by the pension system, but no
participant shall appoint a member under the provisions of this subsection if a
member from the city of the participant has already been appointed under the
provisions of subsection (2), (3), (4), or (5) of this section. Initial appointments
pursuant to this subsection shall be effective upon the date when the board first
meets. Appointments made pursuant to this subsection shall be reviewed on
June 30 of each succeeding year, at which time new appointments shall be
made and old appointments terminated as required by the criteria of this
subsection.
Effective:July 15, 1980
History: Created 1980 Ky. Acts ch. 307, sec. 4, effective July 15, 1980.
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