2019 Kentucky Revised Statutes Chapter 61 - General provisions as to offices and officers -- social security for public employees -- employees retirement system 61.655 Conflict of interest -- Trustees, employees, members of General Assembly, public servants.
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61.655
Conflict of interest -- Trustees, employees, members of General
Assembly, public servants.
(1)
(2)
(3)
No trustee or employee of the Kentucky Retirement Systems board shall:
(a) Have any interest, direct or indirect, in the gains or profits of any
investment or any other legal, business, or financial transaction made by
the board, save insofar as any such trustee or employee may be a
member, employee, or beneficiary of the retirement system;
(b) Directly or indirectly, for himself or as an agent, use the assets of the
retirement system, except to make current and necessary payments
authorized by the board;
(c) Become an endorser or surety or in any manner an obligor for moneys
loaned by or borrowed from the board;
(d) Have a contract or agreement with the retirement system, individually or
through a business owned by the trustee or the employee;
(e) Use his or her official position with the retirement system to obtain a
financial gain or benefit or advantage for himself or herself or a family
member;
(f) Use confidential information acquired during his or her tenure with the
retirement system to further his or her own economic interests or that of
another person; or
(g) Hold outside employment with, or accept compensation from, any person
or business with which he or she has involvement as part of his or her
official position with the retirement system. The provisions of this
subsection shall not prohibit a trustee from serving as an employee of an
agency participating in one (1) of the systems administered by Kentucky
Retirement Systems.
No trustee or employee of the board of trustees, who has served as a trustee
or employee of the board on or after July 1, 2017, shall have any interest,
direct or indirect, in the gains or profits of any investment or any other legal,
business, or financial transaction made by the board of trustees for a period of
five (5) years following termination of his or her position, except that any such
trustee or employee may be a member, employee, or beneficiary of the
systems administered by Kentucky Retirement Systems.
(a) No person who is serving as a member of the General Assembly or is a
public servant as defined by KRS 11A.010(9) shall have any interest,
direct or indirect, in the gains or profits of any investment or any other
legal, business, or financial transaction made by the board of trustees,
except that any such member or public servant may be a member,
employee, or beneficiary of the systems administered by Kentucky
Retirement Systems.
(b) No person who was serving as a member of the General Assembly on or
after July 1, 2017, or was serving as a public servant as defined by KRS
11A.010(9) on or after July 1, 2017, shall have any interest, direct or
indirect, in the gains or profits of any investment or any other legal,
business, or financial transaction made by the board of trustees for a
period of five (5) years following termination of his or her position, except
that any such member or public servant may be a member, employee, or
beneficiary of the systems administered by Kentucky Retirement
Systems.
Effective:March 25, 2019
History: Repealed, reenacted, and amended 2019 Ky. Acts ch. 72, sec. 2, effective
March 25, 2019. -- Amended 2018 Ky. Acts ch. 107, sec. 39, effective July 14,
2018. -- Amended 2012 Ky. Acts ch. 75, sec. 9, effective April 11, 2012. -Amended 1972 Ky. Acts ch. 116, sec. 50. -- Created 1956 Ky. Acts ch. 110, sec.
30.
Legislative Research Commission Note (12/13/2018). On December 13, 2018,
the Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky.
Acts ch. 107), did not comply with the three-readings rule of Kentucky
Constitution Section 46 and that the legislation is, therefore, constitutionally
invalid and declared void. That ruling applies to changes made to this statute in
that Act.
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