Kentucky · Snapshot 09/05/2026

KRS 161.370: Treasurer, auditor, and legal adviser of board -- Annual audit of Teachers'

Retirement System.
(1) The State Treasurer, the Auditor of Public Accounts, and the Attorney General shall
be treasurer, auditor, and legal adviser, respectively, of the board  of trustees, and
shall be liable upon their official bonds for the faithful performance of such duties.
They shall serve without compensation except as provided by subsection (2)(b) of
this section. When the board of trustees deems it for the best interes ts of the
retirement system, it may employ attorneys and pay reasonable fees for the services
rendered.
(2) (a) The board shall annually procure an audit of the Teachers' Retirement System.
The audit shall be 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 to perform the audit and
pay reasonable fees for the services rendered. 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 discretion.
(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.
(3) The board shall make copies of the audit required by this section available for
examination by any active contributing member or annuitant in the office of the
executive secretary of the Teachers' Retirement System an d in such other places as
may be necessary to make the audit available to all active contributing members and
annuitants. A copy of the annual audit shall be sent to the Legislative Research
Commission no later than ten (10) days after receipt by the board.

Where this section sits in the code

KRS Chapter 161

Retirement System.

(1) The State Treasurer, the Auditor of Public Accounts, and the Attorney General shall

be treasurer, auditor, and legal adviser, respectively, of the board of trustees, and

shall be liable upon their official bonds for the faithful performance of such duties.

They shall serve without compensation except as provided by subsection (2)(b) of

this section. When the board of trustees deems it for the best interes ts of the

retirement system, it may employ attorneys and pay reasonable fees for the services

rendered.

(2) (a) The board shall annually procure an audit of the Teachers' Retirement System.

The audit shall be 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 to perform the audit and

pay reasonable fees for the services rendered. 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 discretion.

(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.

(3) The board shall make copies of the audit required by this section available for

examination by any active contributing member or annuitant in the office of the

executive secretary of the Teachers' Retirement System an d in such other places as

may be necessary to make the audit available to all active contributing members and

annuitants. A copy of the annual audit shall be sent to the Legislative Research

Commission no later than ten (10) days after receipt by the board.

Collected 2026-09-05T20:51:10Z. Source file · JSON

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