KRS 161.230: Retirement system -- Purpose -- Name.

The Teachers' Retirement System is established as of July 1, 1940, for the purpose of

providing retirement allowances for teachers, their beneficiaries, and survivors under the

provisions of KRS 161.155 and 161.220 to 161.714. The Teachers' Retirement Syst em of

the State of Kentucky shall be an independent agency and instrumentality of the

Commonwealth and this status shall only be amended or changed by the General

Assembly. It shall have the powers and the privileges of a corporation and shall be known

as the "Teachers' Retirement System of the State of Kentucky." Its business shall be

transacted, its funds invested, and its cash and securities held in that name, or in the name

of its nominee or title holding organization provided that its nominee or title holding

organization is authorized by board of trustees' resolution solely for the purpose of

facilitating the transfer of securities or acquiring and holding title to real property. The

board of trustees may designate a nominee as provided in KRS 286.3 -225; or it may

name as nominee a partnership composed of selected trustees and employees of the

system, and formed for the sole purpose of holding legal or registered title of such

securities, and for the transfer of securities in accordance with directions of the board of

trustees.