2022 Kentucky Revised Statutes Chapter 7A - Planning and oversight of governmental finance 7A.255 Annual report of information on state-administered retirement systems' members and recipients of retirement allowances -- Protection of members' and recipients' identities -- Report to Public Pension Oversight Board -- Investment procurement policy -- Annual report on disability payments. (Effective until April 1, 2023).
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7A.255 Annual report of information on state-administered retirement systems'
members and recipients of retirement allowances -- Protection of members'
and recipients' identities -- Report to Public Pension Oversight Board -Investment procurement policy -- Annual report on disability payments.
(Effective until April 1, 2023)
(1)
(2)
Notwithstanding KRS 21.345 to 21.580, 61.661, 61.870 to 61.884, or 161.585 to
the contrary, on or before November 15 following the close of each fiscal year, the
state-administered retirement systems shall collectively file a report with the Public
Pension Oversight Board that shall include the following information for each
member or recipient of a retirement allowance from any of the state-administered
retirement systems:
(a) A unique identification number for each member or recipient that is created
solely for purposes of compiling the report provided by this section and which
shall not be the member's Social Security number or personal identification
number issued by the systems. For individual members or recipients with
multiple accounts in the state-administered retirement systems, all of the stateadministered retirement systems shall use the same unique identification
number;
(b) The system or systems in which the member has an account or from which the
retired member is receiving a monthly retirement allowance;
(c) The status of the member or recipient, including but not limited to whether he
or she is a contributing member, a member who is not currently contributing
to the systems but has not retired, a retired member, a beneficiary, or a retired
member who has returned to work following retirement with an agency
participating in the systems;
(d) If the individual is a retired member or beneficiary, the annualized monthly
retirement allowance that he or she was receiving at the end of the most
recently completed fiscal year; and
(e) If the individual is a member who has not yet retired, the estimated annual
retirement allowance that he or she is eligible to receive at his or her normal
retirement date based upon his or her service credit, final compensation, and
accumulated account balance at the end of the most recently completed fiscal
year.
Under no circumstances shall the member's name, address, or Social Security
number be included in the information required to be reported to the board by this
section, nor shall the unique identification number established by subsection (1) of
this section be capable of being linked to a specific member's retirement account
with a state-administered retirement system.
On or before November 15 following the close of each fiscal year, the stateadministered retirement systems shall report to the Public Pension Oversight Board
the percentage of system assets and managers for which fees and commissions are
being reported in accordance with KRS 21.540(4)(m), 61.645(19)(i), and
161.250(4)(i). This subsection shall apply on a fiscal year basis beginning on or
(3)
(4)
after July 1, 2017.
On or before November 15, 2017, the state-administered retirement systems shall
tender to the Public Pension Oversight Board a copy of their board-adopted
investment procurement policy along with certification from the secretary of the
Finance and Administration Cabinet that the investment procurement policy meets
or does not meet the best practices for investment management procurement. If the
board amends its investment procurement policy, it shall tender a copy of its
amended investment procurement policy to the Public Pension Oversight Board
within sixty (60) days of adoption along with certification from the secretary of the
Finance and Administration Cabinet that the policy meets or does not meet the best
practices for investment management procurement.
On or before November 15 following the close of each fiscal year, the Kentucky
Public Pensions Authority shall report to the Public Pensions Oversight Board the
number of individuals and total payments to members who become totally and
permanently disabled as a direct result of an act in line of duty as defined in KRS
16.505 or become disabled as a result of a duty-related injury as defined in KRS
61.621. The data shall be broken down by system and for recipients who are
drawing a benefit from the disablement of a hazardous member, a nonhazardous
member who worked in a nonhazardous position that could be certified as a
hazardous position based upon KRS 61.592, and a nonhazardous member who
worked in a nonhazardous position that could not be certified as a hazardous
position based upon KRS 61.592.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 106, sec. 9, effective June 29, 2021. -- Amended
2017 Ky. Acts ch. 12, sec. 10, effective March 10, 2017. -- Created 2016 Ky. Acts
ch. 27, sec. 1, effective July 15, 2016.
Legislative Research Commission Note (6/29/2021). See 2021 Ky. Acts ch. 106, secs.
10, 11, 12, and 13 for information regarding the application of the amendments to
this statute made in that Act.
Legislative Research Commission Note (7/15/2016). 2016 Ky. Acts ch. 27, sec. 2 states
that "The Public Pension Oversight Board may utilize the information provided by
Section 1 of this Act (KRS 7A.255) to carry out the duties of the board as provided
by KRS 7A.250 or to respond to data requests from members of the Public Pension
Oversight Board or members of the General Assembly."
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