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161.370 Treasurer, auditor, and legal adviser of board -- Annual audit of Teachers'
Retirement System.
(1)
(2)
(3)
The State Treasurer, the Auditor of Public Accounts, and the Attorney General shall
be treasurer, auditor, and legal adviser, respectively, of the board of trustees, and
shall be liable upon their official bonds for the faithful performance of such duties.
They shall serve without compensation except as provided by subsection (2)(b) of
this section. When the board of trustees deems it for the best interests of the
retirement system, it may employ attorneys and pay reasonable fees for the services
rendered.
(a) The board shall annually procure an audit of the Teachers' Retirement System.
The audit shall be conducted in accordance with generally accepted auditing
standards. Except as provided by paragraph (b) of this subsection, the board
may select an independent certified public accountant to perform the audit and
pay reasonable fees for the services rendered. If the audit is performed by an
independent certified public accountant, the Auditor of Public Accounts shall
not be required to perform an audit pursuant to KRS 43.050(2)(a), but may
perform an audit at his discretion.
(b) At least once every five (5) years, the Auditor of Public Accounts shall
perform the audit described by this subsection, and the system shall reimburse
the Auditor of Public Accounts for all costs of the audit. The Auditor of
Public Accounts shall determine which fiscal year during the five (5) year
period the audit prescribed by this paragraph will be completed.
The board shall make copies of the audit required by this section available for
examination by any active contributing member or annuitant in the office of the
executive secretary of the Teachers' Retirement System and in such other places as
may be necessary to make the audit available to all active contributing members and
annuitants. A copy of the annual audit shall be sent to the Legislative Research
Commission no later than ten (10) days after receipt by the board.
Effective:
April 11, 2012
History: Amended 2012 Ky. Acts ch. 75, sec. 12, effective April 11, 2012. -- Repealed
and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 494, effective July 13, 1990. -Amended 1980 Ky. Acts ch. 246, sec. 7, effective July 15, 1980. -- Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-18.
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