Download as PDF
21.550 Investments, judicial retirement fund.
(1)
(2)
Those members of the board of trustees of the Judicial Form Retirement System
who are appointed by the Supreme Court, together with the members appointed by
the Governor, shall constitute an investment committee for the Judicial Retirement
Plan, and as such shall have full and sole authority over the judicial retirement fund
and the investment thereof, including the prescribing of funding standards, the
adoption of actuarial methods and assumptions, and the making of employments or
contracts for required personal services, including administrative, actuarial and
investment counseling services. The committee shall be considered trustee of the
judicial retirement fund and shall have the sole authority to make investment
transactions or obtain insurance contracts for funding purposes. The fund shall be
invested in securities which, at the time of making the investment, are by law
permitted for the investment of funds by fiduciaries in this state, or funding may be
accomplished in part by contract with a reputable life insurance company authorized
to do business in this state. To the extent that funding is provided through insurance
contract, no contributions, payments or premiums shall be subject to any tax on
insurance premiums or annuity considerations.
The investment committee for the judicial retirement fund shall appoint one (1) or
more custodians of the securities acquired under authority of this section, each of
whom shall be responsible for the safekeeping of the securities in his custody. All
registered securities shall be registered in the name "Kentucky Judicial Retirement
Fund" (securities heretofore registered in the name "Kentucky Judicial Retirement
System" may continue in that name), or in nominee name as provided comparably
in KRS 286.3-225, and every change in registration, by reason of sale or assignment
of such securities, shall be accomplished by the signatures of the chairman of the
investment committee or a member of that committee appointed by the chairman,
and by the secretary-treasurer of the fund.
Effective: July 1, 1980
History: Created 1980 Ky. Acts ch. 407, sec. 21, effective July 1, 1980.
Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs
the Reviser of Statutes to adjust KRS references throughout the statutes to conform
with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such
an adjustment has been made in this statute.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
