KRS 18A.235: Kentucky Public Employees Deferred Compensation System established --

Corporate powers.

The Kentucky Public Employees Deferred Compensation System is established pursuant

to the provisions of KRS 18A.230 to 18A.275, and shall transact all of its business and

shall have the powers and privileges of a corporation, including but not limited to the

following powers:

(1) The board shall have the power and authority to purchase fiduciary liability

insurance; and

(2) The board shall reimburse or advance any trustee, officer, or employee for any legal

expense resulting from a civil action arising out of the performance of his or her

official duties. The hourly rate for any contract for legal services under this

subsection shall not exceed the maximum h ourly 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 Admini stration

Cabinet or his or her designee.