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7A.220 Membership of board.
(1)
(2)
The Public Pension Oversight Board shall be composed of the following
thirteen (13) members:
(a) Two (2) members of the General Assembly appointed by the Speaker of
the House of Representatives, each of whom shall serve while a member
of the House for the term for which he or she has been elected, and one
(1) of whom the Speaker shall designate as co-chair;
(b) Two (2) members of the General Assembly appointed by the President of
the Senate, each of whom shall serve while a member of the Senate for
the term for which he or she has been elected, and one (1) of whom the
President shall designate as co-chair;
(c) One (1) member of the General Assembly appointed by the Minority Floor
Leader of the Senate, who shall serve while a member of the Senate for
the term for which he or she has been elected;
(d) One (1) member of the General Assembly appointed by the Minority Floor
Leader of the House of Representatives, who shall serve while a member
of the House for the term for which he or she has been elected;
(e) One (1) individual appointed by the Speaker of the House of
Representatives, who shall be certified as a chartered financial analyst
(CFA) with at least ten (10) years of investment experience or who shall
possess at least ten (10) years of retirement experience as defined by
subsection (2) of this section;
(f) One (1) individual appointed by the President of the Senate, who shall be
certified as a chartered financial analyst (CFA) with at least ten (10) years
of investment experience or who shall possess at least ten (10) years of
retirement experience as defined by subsection (2) of this section;
(g) The state budget director or his or her designee;
(h) The Auditor of Public Accounts or his or her designee;
(i) The Attorney General or his or her designee; and
(j) Two (2) individuals appointed by the Governor, one (1) of whom shall be
certified as a chartered financial analyst (CFA) with at least ten (10) years
of investment experience and one (1) of whom shall possess at least ten
(10) years of retirement experience as defined by subsection (2) of this
section.
For purposes of this section, "retirement experience" means:
(a) Experience in retirement or pension plan management;
(b) A certified public accountant with relevant experience in retirement or
pension plan accounting;
(c) An actuary with relevant experience in retirement or pension plan
consulting;
(d) An attorney licensed to practice law in the Commonwealth of Kentucky
with relevant experience in retirement or pension plans; or
(e) A current or former university professor whose primary area of emphasis
is economics or finance.
(3)
(4)
Individuals appointed under subsection (1)(e), (f), and (j) of this section shall
not:
(a) Be a member of the General Assembly;
(b) Be employed by a state agency of the Commonwealth of Kentucky or
receiving a contractual payment for services rendered to a state agency
of the Commonwealth of Kentucky that would conflict with his or her
service to the board;
(c) Be a member or retired member of the Kentucky Retirement Systems; or
(d) Serve more than three (3) consecutive terms on the board.
Any vacancy which may occur in the membership of the board shall be filled by
the appointing authority who made the original appointment.
Effective:July 1, 2013
History: Created 2013 Ky. Acts ch. 120, sec. 3, effective July 1, 2013.
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