2021 Kentucky Revised Statutes Chapter 78 - County employees' civil service and retirement 78.782 County Employees Retirement System board of trustees -- Appointed and elected membership, vacancies, compensation, duties, and meetings -- Board granted powers and privileges of corporation -- Chief executive officer and general counsel -- Annual financial report -- Expenses -- Action for damages -- Appeals -- Transparency -- Limitations on use of funds.
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78.782 County Employees Retirement System board of trustees -- Appointed
and elected membership, vacancies, compensation, duties, and meetings
-- Board granted powers and privileges of corporation -- Chief executive
officer and general counsel -- Annual financial report -- Expenses -Action for damages -- Appeals -- Transparency -- Limitations on use of
funds.
(1)
The County Employees Retirement System shall be administered by the board
of trustees composed of nine (9) members, who shall be selected as follows:
(a) Three (3) trustees, who shall be members or retired from the County
Employees Retirement System, elected by the members and retired
members of the County Employees Retirement System, of which:
1.
Two (2) shall have a majority of his or her service credit earned in
the County Employees Retirement System in a nonhazardous
position; and
2.
One (1) shall have a majority of his or her service credit earned in
the County Employees Retirement System in a hazardous position;
(b) Six (6) trustees appointed by the Governor, subject to Senate
confirmation in accordance with KRS 11.160 for each appointment or
reappointment. Of the six (6) trustees appointed by the Governor:
1.
One (1) trustee with retirement experience shall be appointed from a
list of three (3) applicants submitted by the Kentucky League of
Cities;
2.
One (1) trustee with investment experience shall be appointed from
a list of three (3) applicants submitted by the Kentucky League of
Cities;
3.
One (1) trustee with retirement experience shall be appointed from a
list of three (3) applicants submitted by the Kentucky Association of
Counties;
4.
One (1) trustee with investment experience shall be appointed from
a list of three (3) applicants submitted by the Kentucky Association
of Counties;
5.
One (1) trustee with retirement experience shall be appointed from a
list of three (3) applicants submitted by the Kentucky School Boards
Association; and
6.
One (1) trustee with investment experience shall be appointed from
a list of three (3) applicants submitted by the Kentucky School
Boards Association.
Notwithstanding the provisions of KRS 12.070(3), the Governor shall
appoint each individual trustee described by subparagraphs 1. to 6. of this
paragraph solely from each corresponding individual list required to be
submitted by the Kentucky League of Cities, the Kentucky Association of
Counties, or the Kentucky School Boards Association as provided by
subparagraphs 1. to 6. of this paragraph, and the Governor shall not be
able to reject the list of applicants submitted, request that another list be
provided, or use a list different from the one (1) individual list required to
be submitted for each specific appointment or reappointment;
(c)
(2)
For purposes of paragraph (b) of this subsection, a trustee with
"investment experience" means an individual who does not have a conflict
of interest, as provided by KRS 61.655, and who has at least ten (10)
years of experience in one (1) of the following areas of expertise:
1.
A portfolio manager acting in a fiduciary capacity;
2.
A professional securities analyst or investment consultant;
3.
A current or retired employee or principal of a trust institution,
investment or finance organization, or endowment fund acting in an
investment-related capacity;
4.
A chartered financial analyst in good standing as determined by the
CFA Institute; or
5.
A university professor, teaching investment-related studies; and
(d) For purposes of paragraph (b) of this subsection, a trustee with
"retirement experience" means an individual who does not have a conflict
of interest, as provided by KRS 61.655, and who has at least ten (10)
years of experience in one (1) of the following areas of expertise:
1.
Experience in retirement or pension plan management;
2.
A certified public accountant with relevant experience in retirement
or pension plan accounting;
3.
An actuary with relevant experience in retirement or pension plan
consulting;
4.
An attorney licensed to practice law in the Commonwealth of
Kentucky with relevant experience in retirement or pension plans; or
5.
A current or former university professor whose primary area of
emphasis is economics or finance.
The board is hereby granted the powers and privileges of a corporation,
including but not limited to the following powers:
(a) To sue and be sued in its corporate name;
(b) To make bylaws not inconsistent with the law;
(c) To conduct the business and promote the purposes for which it was
formed;
(d) Except as provided in KRS 78.790(6), to contract for investment
counseling, auditing, medical, and other professional or technical services
as required to carry out the obligations of the board subject to the
provisions of KRS Chapters 45, 45A, 56, and 57. Actuarial consulting
services shall be provided by a firm hired by the Kentucky Public
Pensions Authority;
(e) To purchase fiduciary liability insurance;
(f) Except as provided in KRS 78.790(6), to acquire, hold, sell, dispose of,
pledge, lease, or mortgage, the goods or property necessary to exercise
the board's powers and perform the board's duties subject to KRS
Chapters 45, 45A, and 56; and
(g) The board shall reimburse any trustee, officer, or employee for any legal
expense resulting from a civil action arising out of the performance of his
(3)
(4)
or her official duties. The hourly rate of reimbursement for any contract for
legal services under this paragraph shall not exceed the maximum hourly
rate provided in the Legal Services Duties and Maximum Rate Schedule
promulgated by the Government Contract Review Committee established
pursuant to KRS 45A.705, unless a higher rate is specifically approved by
the secretary of the Finance and Administration Cabinet or his or her
designee.
Notwithstanding the provisions of subsection (1) of this section, each trustee
shall serve a term of four (4) years or until his or her successor is duly qualified
except as otherwise provided in this section. An elected or appointed trustee
shall not serve more than three (3) consecutive four (4) year terms. An elected
or appointed trustee who has served three (3) consecutive terms may be
elected or appointed again after an absence of four (4) years from the board.
(a) The trustees selected by the membership of the system shall be elected
by ballot. For each trustee to be elected, the board may nominate, not
less than six (6) months before a term of office of a trustee is due to
expire, three (3) constitutionally eligible individuals.
(b) Individuals may be nominated by the system members by presenting to
the executive director, not less than four (4) months before a term of
office of a trustee is due to expire, a petition, bearing the name, last four
(4) digits of the Social Security number, and signature of no less than
one-tenth (1/10) of the number voting in the last election by the system
members.
(c) Within four (4) months of the nominations made in accordance with
paragraphs (a) and (b) of this subsection, the executive director shall
cause to be prepared an official ballot. The ballot shall carry the name,
address, and position title of each individual nominated by the board and
by petition. Provision shall also be made for write-in votes.
(d) Except as provided by paragraph (j) of this subsection, the ballots shall
be distributed to the eligible voters by mail to their last known residence
address.
(e) The ballots shall be addressed to the County Employees Retirement
System in care of a predetermined box number at a United States Post
Office or submitted electronically as provided by paragraph (j) of this
subsection. Access to this post office box shall be limited to the board's
contracted firm. The individual receiving a plurality of votes shall be
declared elected.
(f) The eligible voter shall cast his or her ballot by selecting the candidate of
his or her choice. He or she shall sign and mail the ballot or submit the
electronic ballot at least thirty (30) days prior to the date the term to be
filled is due to expire. The latest mailing date, or date of submission in the
case of electronic ballots, shall be provided on the ballot.
(g) The board's contracted firm shall report in writing the outcome to the chair
of the board of trustees. Costs of an election shall be payable from the
funds of the system.
(h) For purposes of this subsection, an eligible voter shall be a person who
was a member of the system on December 31 of the year preceding the
(i)
(j)
(5)
(a)
(b)
(6)
(a)
(b)
(c)
election year.
Each individual who submits a request to be nominated by the board
under paragraph (a) of this subsection and each individual who is
nominated by the membership under paragraph (b) of this subsection
shall:
1.
Complete an application developed by the system which shall
include but not be limited to a disclosure of any prior felonies and
any conflicts of interest that would hinder the individual's ability to
serve on the board;
2.
Submit a resume detailing the individual's education and
employment history and a cover letter detailing the member's
qualifications for serving as trustee to the board; and
3.
Authorize the system to have a criminal background check
performed. The criminal background check shall be performed by
the Department of Kentucky State Police.
In lieu of the ballots mailed to members and retired members as provided
by this subsection, the systems may by promulgation of administrative
regulation pursuant to KRS Chapter 13A conduct trustee elections using
electronic ballots, except that the systems shall mail a paper ballot upon
request of any eligible voter.
Any vacancy which may occur in an appointed position during a term of
office shall be filled in the same manner which provides for the selection
of the particular trustee, and any vacancy which may occur in an elected
position during a term of office shall be filled by appointment by a majority
vote of the remaining elected trustees; however, any vacancy shall be
filled only for the duration of the unexpired term. In the event of a vacancy
of an elected trustee during a term of office, the system shall notify
members of the vacancy and the opportunity to be considered for the
vacant position. Any vacancy shall be filled within ninety (90) days of the
position becoming vacant.
Any appointments or reappointments to an appointed position on the
board shall be made at least thirty (30) days prior to an appointed
member's term of office ending. The Governor's Office shall, with each
appointment or reappointment, request lists to be submitted and base
selections on those lists solely under the procedures and requirements
provided by subsection (1)(b) of this section.
Membership on the board of trustees shall not be incompatible with any
other office unless a constitutional incompatibility exists. No trustee shall
serve in more than one (1) position as trustee on the board and, if a
trustee holds more than one (1) position as trustee on the board, he or
she shall resign a position.
A trustee shall be removed from office upon conviction of a felony or for a
finding of a violation of any provision of KRS 11A.020 or 11A.040 by a
court of competent jurisdiction.
A current or former employee of the County Employees Retirement
System, Kentucky Retirement Systems, or the Kentucky Public Pensions
(7)
(8)
(9)
Authority shall not be eligible to serve as a member of the board.
Trustees who do not otherwise receive a salary from the State Treasury shall
receive a per diem of eighty dollars ($80) for each day they are in session or on
official duty, and they shall be reimbursed for their actual and necessary
expenses in accordance with state administrative regulations and standards.
(a) The board shall meet at least once in each quarter of the year and may
meet in special session upon the call of the chair or the chief executive
officer.
(b) The board shall elect a chair and a vice chair. The chair shall not serve
more than four (4) consecutive years as chair or vice chair of the board.
The vice chair shall not serve more than four (4) consecutive years as
chair or vice chair of the board. A trustee who has served four (4)
consecutive years as chair or vice chair of the board may be elected chair
or vice chair of the board after an absence of two (2) years from the
positions.
(c) A majority of the trustees shall constitute a quorum, and all actions taken
by the board shall be by affirmative vote of a majority of the trustees
present.
(a) The board of trustees shall appoint or contract for the services of a chief
executive officer and general counsel and fix the compensation and other
terms of employment for these positions without limitation of the
provisions of KRS Chapters 18A and 45A and KRS 64.640. The chief
executive officer shall serve as the legislative and executive adviser to the
board. The general counsel shall serve as legal adviser to the board. The
chief executive officer and general counsel shall work with the executive
director of the Kentucky Public Pensions Authority to carry out the
provisions of KRS 78.510 to 78.852. The executive director of the
Kentucky Public Pensions Authority shall be the chief administrative
officer of the board.
(b) The board shall require the chief executive officer and may require the
general counsel to execute bonds for the faithful performance of his or her
duties notwithstanding the limitations of KRS Chapter 62.
(c) The board shall have a system of accounting established by the Kentucky
Public Pensions Authority.
(d) The board shall do all things, take all actions, and promulgate all
administrative regulations, not inconsistent with the provisions of KRS
78.510 to 78.852, necessary or proper in order to carry out the provisions
of KRS 78.510 to 78.852. Notwithstanding any other evidence of
legislative intent, it is hereby declared to be the controlling legislative
intent that the provisions of KRS 78.510 to 78.852 conform with federal
statute or regulation and meet the qualification requirements under 26
U.S.C. sec. 401(a), applicable federal regulations, and other published
guidance. Provisions of KRS 78.510 to 78.852 which conflict with federal
statute or regulation or qualification under 26 U.S.C. sec. 401(a),
applicable federal regulations, and other published guidance shall not be
available. The board shall have the authority to promulgate administrative
regulations to conform with federal statute and regulation and to meet the
(10)
(11)
(12)
(13)
qualification requirements under 26 U.S.C. sec. 401(a), including an
administrative regulation to comply with 26 U.S.C. sec. 401(a)(9).
(e) Notwithstanding any other provision of statute to the contrary, including
but not limited to any provision of KRS Chapter 12, the Governor shall
have no authority to change any provision of KRS 78.510 to 78.852 by
executive order or action, including but not limited to reorganizing,
replacing, amending, or abolishing the membership of the County
Employees Retirement System board of trustees.
The chief executive officer and general counsel of the board shall serve during
its will and pleasure. Notwithstanding any statute to the contrary, the chief
executive officer shall not be considered a legislative agent under KRS 6.611.
The Attorney General, or an assistant designated by him or her, may attend
each meeting of the board and may receive the agenda, board minutes, and
other information distributed to trustees of the board upon request. The
Attorney General may act as legal adviser and attorney for the board, and the
board may contract for legal services, notwithstanding the limitations of KRS
Chapter 12 or 13B.
(a) The system shall publish an annual financial report showing all receipts,
disbursements, assets, and liabilities. The annual report shall include a
copy of an audit 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 or the Auditor of Public Accounts to perform the audit. 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 or her
discretion. All proceedings and records of the board shall be open for
inspection by the public. The system shall make copies of the audit
required by this subsection available for examination by any member,
retiree, or beneficiary in the offices of the County Employees Retirement
System and in other places as necessary to make the audit available to
all members, retirees, and beneficiaries. A copy of the annual audit shall
be sent electronically to the Legislative Research Commission no later
than ten (10) days after receipt by the board.
(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.
All expenses incurred by or on behalf of the system and the board in the
administration of the system during a fiscal year shall be paid from the
retirement allowance account, including any administrative expenses for the
Kentucky Public Pensions Authority that are assigned to the County
Employees Retirement System by KRS 61.505. The board shall submit any
administrative expenses that are specific to the County Employees Retirement
System that are not otherwise covered by KRS 61.505(11)(a).
(14) Except as provided under subsection (16) of this section or KRS 61.665, any
person adversely affected by a decision of the board involving KRS 78.510 to
78.852 may appeal the decision of the board to the Franklin Circuit Court within
sixty (60) days of the board action.
(15) (a) A trustee shall discharge his or her duties as a trustee, including his or
her duties as a member of a committee:
1.
In good faith;
2.
On an informed basis; and
3.
In a manner he or she honestly believes to be in the best interest of
the County Employees Retirement System.
(b) A trustee discharges his or her duties on an informed basis if, when he or
she makes an inquiry into the business and affairs of the system or into a
particular action to be taken or decision to be made, he or she exercises
the care an ordinary prudent person in a like position would exercise
under similar circumstances.
(c) In discharging his or her duties, a trustee may rely on information,
opinions, reports, or statements, including financial statements and other
financial data, if prepared or presented by:
1.
One (1) or more officers or employees of the system or authority
whom the trustee honestly believes to be reliable and competent in
the matters presented;
2.
Legal counsel, public accountants, actuaries, or other persons as to
matters the trustee honestly believes are within the person's
professional or expert competence; or
3.
A committee of the board of trustees of which he or she is not a
member if the trustee honestly believes the committee merits
confidence.
(d) A trustee shall not be considered as acting in good faith if he or she has
knowledge concerning the matter in question that makes reliance
otherwise permitted by paragraph (c) of this subsection unwarranted.
(e) Any action taken as a trustee, or any failure to take any action as a
trustee, shall not be the basis for monetary damages or injunctive relief
unless:
1.
The trustee has breached or failed to perform the duties of the
trustee's office in compliance with this section; and
2.
In the case of an action for monetary damages, the breach or failure
to perform constitutes willful misconduct or wanton or reckless
disregard for human rights, safety, or property.
(f) A person bringing an action for monetary damages under this section
shall have the burden of proving by clear and convincing evidence the
provisions of paragraph (e)1. and 2. of this subsection, and the burden of
proving that the breach or failure to perform was the legal cause of
damages suffered by the system.
(g) In discharging his or her administrative duties under this section, a trustee
shall strive to administer the system in an efficient and cost-effective
manner for the taxpayers of the Commonwealth of Kentucky and shall
take all actions available under the law to contain costs for the trusts,
including costs for participating employers, members, and retirees.
(16) When an order by the system substantially impairs the benefits or rights of a
member, retired member, or recipient, except action which relates to
entitlement to disability benefits, the affected member, retired member, or
recipient may request a hearing to be held in accordance with KRS Chapter
13B. The board may establish an appeals committee whose members shall be
appointed by the chair and who shall have authority to act upon the
recommendations and reports of the hearing officer on behalf of the board. The
member, retired member, recipient, or employer aggrieved by a final order of
the board following the hearing may appeal the decision to the Franklin Circuit
Court, in accordance with KRS Chapter 13B. The board may establish a joint
administrative appeals committee with the Kentucky Retirement Systems and
may also establish a joint disability appeals committee with the Kentucky
Retirement Systems.
(17) The board shall establish a formal trustee education program for all trustees of
the board. The program shall include but not be limited to the following:
(a) A required orientation program for all new trustees elected or appointed
to the board. The orientation program shall include training on:
1.
Benefits and benefits administration;
2.
Investment concepts, policies, and current composition and
administration of system investments;
3.
Laws, bylaws, and administrative regulations pertaining to the
system and to fiduciaries; and
4.
Actuarial and financial concepts pertaining to the system.
If a trustee fails to complete the orientation program within one (1) year
from the beginning of his or her first term on the board, the system shall
withhold payment of the per diem and travel expenses due to the board
member under this section until the trustee has completed the orientation
program;
(b) Annual required training for board members on the administration,
benefits, financing, and investing of the system. If a trustee fails to
complete the annual required training during the calendar or fiscal year,
the retirement system shall withhold payment of the per diem and travel
expenses due to the board member under this section until the board
member has met the annual training requirements; and
(c) The system shall incorporate by reference in an administrative regulation,
pursuant to KRS 13A.2251, the trustee education program.
(18) In order to improve public transparency regarding the administration of the
system, the board of trustees shall adopt a best practices model by posting the
following information to the Kentucky Public Pensions Authority's Web site and
shall make available to the public:
(a) Meeting notices and agendas for all meetings of the board. Notices and
agendas shall be posted to the Kentucky Public Pensions Authority's Web
site at least seventy-two (72) hours in advance of the board or committee
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
meetings, except in the case of special or emergency meetings as
provided by KRS 61.823;
The Comprehensive Annual Financial Report with the information as
follows:
1.
A general overview and update on the system by the executive
director;
2.
A listing of the board of trustees;
3.
A listing of key staff;
4.
An organizational chart;
5.
Financial information, including a statement of plan net assets, a
statement of changes in plan net assets, an actuarial value of
assets, a schedule of investments, a statement of funded status and
funding progress, and other supporting data;
6.
Investment information, including a general overview, a list of the
system's professional consultants, a total net of fees return on
system investments over a historical period, an investment
summary, contracted investment management expenses,
transaction commissions, and a schedule of investments;
7.
The annual actuarial valuation report on the pension benefit and the
medical insurance benefit; and
8.
A general statistical section, including information on contributions,
benefit payouts, and retirement system demographic data;
All external audits;
All board minutes or other materials that require adoption or ratification by
the board of trustees. The items listed in this paragraph shall be posted
within seventy-two (72) hours of adoption or ratification of the board;
All bylaws, policies, or procedures adopted or ratified by the board of
trustees;
The system's summary plan description;
A document containing an unofficial copy of the statutes governing the
system;
A listing of the members of the board of trustees and membership on
each committee established by the board, including any investment
committees;
All investment holdings in aggregate, fees, and commissions for each
fund administered by the board, which shall be updated on a quarterly
basis for fiscal years beginning on or after July 1, 2021. The system shall
request from all managers, partnerships, and any other available sources
all information regarding fees and commissions and shall, based on the
requested information received:
1.
Disclose the dollar value of fees and commissions paid to each
individual manager or partnership;
2.
Disclose the dollar value of any profit sharing, carried interest, or
any other partnership incentive arrangements, partnership
agreements, or any other partnership expenses received by or paid
to each manager or partnership; and
3.
As applicable, report each fee or commission by manager or
partnership consistent with standards established by the Institutional
Limited Partners Association (ILPA).
In addition to the requirements of this paragraph, the system shall also
disclose the name and address of all individual underlying managers or
partners in any fund of funds in which system assets are invested;
(j) An update of net of fees investment returns, asset allocations, and the
performance of the funds against benchmarks adopted by the board for
each fund, for each asset class administered by the board, and for each
manager. The update shall be posted on a quarterly basis for fiscal years
beginning on or after July 1, 2021;
(k) A searchable database of the system's expenditures and a listing of each
individual employed by the system along with the employee's salary or
wages. In lieu of posting the information required by this paragraph to the
Kentucky Public Pensions Authority's Web site, the system may provide
the information through a Web site established by the executive branch to
inform the public about public employee salaries and wages;
(l) All contracts or offering documents for services, goods, or property
purchased or utilized by the system for contracts or offering documents
entered into on or after July 1, 2021; and
(m) Information regarding the system's financial and actuarial condition that is
easily understood by the members, retired members, and the public.
(19) Notwithstanding the requirements of subsection (18) of this section, the system
shall not be required to furnish information that is protected under KRS 61.661,
exempt under KRS 61.878, or that, if disclosed, would compromise the
system's ability to competitively invest in real estate or other asset classes,
except that no provision of this section or KRS 61.878 shall exclude disclosure
and review of all contracts, including investment contracts, by the board, the
Auditor of Public Accounts, and the Government Contract Review Committee
established pursuant to KRS 45A.705 or the disclosure of investment fees and
commissions as provided by this section. If any public record contains material
which is not excepted under this section, the system shall separate the
excepted material by removal, segregation, or redaction, and make the
nonexcepted material available for examination.
(20) Notwithstanding any other provision of KRS 78.510 to 78.852 to the contrary,
no funds of the County Employees Retirement System, including fees and
commissions paid to an investment manager, private fund, or company issuing
securities, who manages systems assets, shall be used to pay fees and
commissions to placement agents. For purposes of this subsection, "placement
agent" means a third-party individual, who is not an employee, or firm, wholly
or partially owned by the entity being hired, who solicits investments on behalf
of an investment manager, private fund, or company issuing securities.
Effective:April 1, 2021
History: Amended 2021 Ky. Acts ch. 102, sec. 29, effective April 1, 2021. -Created 2020 Ky. Acts ch. 79, sec. 3, effective April 1, 2021.
Legislative Research Commission Note (4/1/2021). This statute was created by
Section 3 of 2020 Ky. Acts ch. 79. Section 46 of that Act reads as follows: "The
three trustees elected by the County Employees Retirement System
membership to serve a term on the Kentucky Retirement Systems board of
trustees that includes April 1, 2021, shall serve as the three elected trustees of
the County Employees Retirement System board of trustees as provided by
Section 3 of this Act [this statute] and shall serve for the duration of the terms for
which they were elected. The two trustees elected by the Kentucky Employees
Retirement System membership and the one trustee elected by the State Police
Retirement System membership who are serving as trustees of the Kentucky
Retirement Systems board of trustees immediately prior to the effective date of
this Act shall serve as the three elected trustees of the Kentucky Retirement
Systems board of trustees as provided by Section 4 of this Act and shall serve
for the duration of the terms for which they were elected. The three trustees who
were appointed by a Governor to the Kentucky Retirement Systems board prior
to April 1, 2021, who were selected by a Governor from lists submitted by the
Kentucky Association of Counties, the Kentucky League of Cities, and the
Kentucky School Boards Association and serving on the Kentucky Retirement
Systems board immediately prior to April 1, 2021, shall, notwithstanding any
other provision of Section 3 of this Act [this statute] to the contrary, serve on the
County Employees Retirement System board of trustees as provided by Section
3 of this Act [this statute] for the duration of their term of office and shall be
considered the three trustees appointed by the Governor who have retirement
experience as provided by subsection (1)(b) and (1)(d) of Section 3 of this Act
[this statute]. Notwithstanding any other provision of Section 4 of this Act to the
contrary, the six trustees with investment experience appointed by a Governor
to the Kentucky Retirement Systems board prior to April 1, 2021, and serving on
the Kentucky Retirement Systems board immediately prior to April 1, 2021, shall
serve for the duration of their term of office as the appointed trustees with
investment experience and retirement experience of the newly constituted
Kentucky Retirement Systems board of trustees effective April 1, 2021."
Legislative Research Commission Note (4/1/2021). This statute was created by
Section 3 of 2020 Ky. Acts ch. 79. In that Act, Section 47 (effective 7/15/2020)
reads as follows: "The Governor shall on or before March 1, 2021, appoint the
three appointed trustees of the County Employees Retirement System board
who must have investment experience as provided by subsection (1)(b) and
(1)(d) of Section 3 of this Act [this statute] so that the new trustees can assume
their term of office on April 1, 2021. Notwithstanding the provisions of Section 3
of this Act [this statute] as it relates solely to terms of office, the three trustees
appointed by the Governor pursuant to Section 3 of this Act [this statute] who
must have investment experience shall be appointed to staggered terms, with
one appointed trustee serving an initial term of two years, one appointed trustee
serving an initial term of three years, and one appointed trustee serving an initial
term of four years. The Kentucky League of Cities, the Kentucky Association of
Counties, and the Kentucky School Boards Association shall submit a list of
applicants with investment experience on or before January 1, 2021, to be
appointed by the Governor pursuant to Section 3 of this Act [this statute]."
Legislative Research Commission Note (4/1/2021). This statute was created by
Section 3 of 2020 Ky. Acts ch. 79. In that Act, Section 48 (effective 4/7/2020)
reads as follows: "Notwithstanding any other provision of statute to the contrary,
including but not limited to any provision of KRS Chapter 12: (1) The Governor
shall have no authority to change any provision of KRS 16.505 to 16.652,
61.510 to 61.705, and 78.510 to 78.852 as it relates to reorganizing, replacing,
amending, or abolishing the membership of the County Employees Retirement
System board of trustees as provided by Section 3 of this Act [this statute], the
Kentucky Retirement Systems board of trustees as provided by KRS 61.645, or
the Kentucky Public Pensions Authority as provided by Section 2 of this Act; and
(2) Effective April 1, 2021, the board of trustees of the Kentucky Retirement
Systems and the County Employees Retirement System shall include the
number and composition of the boards established by Sections 3 [this statute],
and 4, 46, and 47 of this Act, as applicable respectively."
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