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7A.250 Powers and duties of board.
The Public Pension Oversight Board:
(1) Shall, from time to time, conduct an impartial review of all the laws governing
the Kentucky Retirement Systems and recommend any changes it may find
desirable with respect to benefits and administration, funding of benefits,
investments of funds, and the improvement of language, structure, and
organization of the statutes;
(2) Shall, once every five (5) years, review the benefits provided to employees
who begin participating in the systems administered by Kentucky Retirement
Systems on or after January 1, 2014, and recommend any changes to the
provisions affecting these employees that are necessary to maintain the
actuarial soundness of the systems;
(3) Shall review semiannually the investment programs of the Kentucky
Retirement Systems, including a review of asset allocation targets and ranges,
risk factors, asset class benchmarks, total return objectives, relative volatility,
performance evaluation guidelines, investment policies, and securities litigation
policies and recoveries from fraud or other corporate malfeasance. The board
may establish an advisory committee, as provided by KRS 7A.260, which may
include investment professionals to assist in complying with the provisions of
this subsection;
(4) May review any benefits, bylaws, policies, or charters established by the
Kentucky Retirement Systems;
(5) Shall, at the request of the Speaker of the House of Representatives or the
President of the Senate, evaluate proposed changes to laws affecting the
Kentucky Retirement Systems and report to the Speaker or the President on
the probable costs, actuarial implications, and desirability as a matter of public
policy;
(6) May review all new or amended administrative regulations of the Kentucky
Retirement Systems and provide comments to the Administrative Regulation
Review Subcommittee established by KRS 13A.020;
(7) Shall research issues related to the Kentucky Retirement Systems as directed
by the Legislative Research Commission; and
(8) Shall publish an annual report covering the board's evaluation and
recommendations with respect to the operations of the Kentucky Retirement
Systems. The report shall be submitted to the Legislative Research
Commission no later than December 1 of each year and shall include at a
minimum any legislative recommendations made by the board, a summary of
the financial and actuarial condition of the Kentucky Retirement Systems, and
an analysis of the adequacy of the current levels of funding.
Effective:July 1, 2013
History: Created 2013 Ky. Acts ch. 120, sec. 6, effective July 1, 2013.
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