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18A.245 Board of trustees -- Membership, terms, meetings -- Powers -Executive director -- Annual financial report.
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The authority shall be administered by a board of trustees composed of seven
(7) members, who shall be as follows:
(a) Secretary, Finance and Administration Cabinet, ex officio;
(b) Secretary of personnel, ex officio;
(c) The state controller, ex officio; and
(d) Four (4) at-large members appointed by the Governor, one (1) of whom
shall have at least five (5) years of investment or banking experience and
one (1) of whom shall be a representative of a nonstate government
employer.
The members of the board appointed by the Governor shall serve for a period
of four (4) years and the ex officio members of the board shall serve only for
the period of their term of office. Each ex officio member may designate a
proxy by written notice to the authority prior to call of order of each meeting,
and the proxy shall be entitled to participate as a full voting member.
Any vacancy which may occur shall be filled in the same manner provided for
the selection of the particular member for a full term. Vacancies shall be filled
for the unexpired term only.
Membership on the board of trustees shall not be incompatible with any other
office unless a constitutional incompatibility exists, and no member shall be
subject to removal from office, except upon conviction of a felony, or of a
misdemeanor involving moral turpitude.
Board members who do not otherwise receive a salary or compensation from
the State Treasury shall receive a per diem of one hundred dollars ($100) for
each day they are in session or on official duty, and they shall be reimbursed
for their actual and necessary expenses in accordance with state
administrative regulations and standards applicable to state employees.
The board shall meet at least once in each quarter of the year, and may meet
in special session upon the call of the chairman. It shall elect a chairman and a
vice chairman. A majority of the members shall constitute a quorum, and all
actions taken by the board shall be by affirmative vote of a majority of the
members present.
The authority shall be attached to the Personnel Cabinet for administrative
purposes only. The board may take but is not limited to the following actions:
(a) Appoint such employees as it deems necessary and fix the compensation
for all employees of the board, subject to the approval of the secretary.
The authority shall be headed by an executive director who shall be
appointed by the board of directors of the authority without the limitations
imposed by KRS 12.040 and KRS Chapter 18A. The executive director of
the authority and employees appointed by the board shall serve at its will
and pleasure. All other staff of the authority shall be employed under KRS
18A.005 to 18A.200;
(b) Require such employees as it thinks proper to execute bonds for the
faithful performance of their duties;
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Establish a system of accounting;
Contract for such services as may be necessary for the operation or
administration of deferred compensation plans authorized in KRS
18A.230 to 18A.275, including annual audits;
(e) Do all things, take all actions, and adopt plans for participation consistent
with federal law and with the provisions of KRS 18A.230 to 18A.275,
including but not limited to:
1.
Amending the board's plan for the Kentucky Public Employees
401(k) Deferred Compensation Plan or the Kentucky Employees
457 Deferred Compensation Plan, or both such plans, to adopt,
maintain, and terminate a deemed IRA program under Internal
Revenue Code Section 408;
2.
Amending the board's plan for the Kentucky Public Employees
401(k) Deferred Compensation Plan to adopt, maintain, and
terminate a qualified Roth contribution program under Internal
Revenue Code Section 402A; and
3.
Adopting, maintaining, and terminating an Internal Revenue Code
Section 403(b) plan for qualified employees; and
(f) Contract with persons or companies duly licensed by the state of
Kentucky and applicable federal regulatory agencies, at the cost of the
trust fund, to provide investment advice to participants in the plans, with
respect to their selection of permitted investments in the plans.
The Attorney General, or an assistant designated by him, may act as legal
adviser and attorney for the board. The board may also appoint legal counsel
in accordance with KRS Chapter 12.
The board shall prepare an annual financial report showing all receipts,
disbursements, assets, and liabilities and shall submit a copy to the Governor
and the Legislative Research Commission. All board meetings and records
shall be open for inspection by the public.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 10, sec. 5, effective July 12, 2012. -Amended 2008 Ky. Acts ch. 181, sec. 3, effective July 15, 2008. -- Amended
2002 Ky. Acts ch. 123, sec. 2, effective July 15, 2002. -- Amended 1998 Ky.
Acts ch. 154, sec. 50, effective July 15, 1998. -- Amended 1994 Ky. Acts
ch. 496, sec. 25, effective July 15, 1994. -- Amended 1988 Ky. Acts ch. 154,
sec. 1, effective July 15, 1988. -- Amended 1984 Ky. Acts ch. 234, sec. 3,
effective July 13, 1984. -- Repealed, reenacted, and amended as KRS 18A.245,
1982 Ky. Acts ch. 448, sec. 49, effective July 15, 1982. -- Created 1974 Ky. Acts
ch. 143, sec. 5.
Formerly codified as KRS 18.540.
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