KRS 230.375: Kentucky Race Track Retirement Plan.

(1) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., may

create and fund the Kentucky Race Track Retirement Plan. The board shall use no

more than twenty -five percent (25%) of the annual sum paid by the corporation

under KRS 230.361 to 230.373 to fund the plan.

(2) The plan shall be provided for the benefit of Thoroughbred trainers, assistant

trainers, exercise riders, grooms, stable attendants, and other stable employees who

can demonstrate that they are not otherwise eligible to pa rticipate in any other

private or public, nonself-funded retirement or pension plan.

(3) The Kentucky Race Track Retirement Plan shall be administered by the board of

directors of the Kentucky Racing Health and Welfare Fund, Inc., for the charitable

and be nevolent purposes set forth in KRS 230.374, and no part of the sums

administered by the fund for the plan or any net earnings of the plan shall inure to

the benefit of any private individual, director, officer, or member of the fund, or any

of the persons who paid sums to the corporation under the provisions of KRS

230.361 to 230.373.

(4) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., shall

be the trustee of the plan's funds and shall have full power to invest and reinvest

funds. Investments shall be diversified to balance the risks associated with various

investment options to maintain the long -term solvency of the plan. The board shall

have full power to hold, purchase, sell, assign, transfer, or dispose of any of the

investments in which any of the plan's funds have been invested, as well as of the

proceeds of investments belonging to the plan. The board members or any

investment manager shall discharge their duties with respect to the assets of the

plan solely in the interest of the plan's members and:

(a) For the exclusive purposes of providing benefits to plan members and their

beneficiaries and defraying reasonable expenses of administering the plan;

(b) With the care, skill, prudence, and diligence under the circumstances that a

prudent person acting in a like capacity and familiar with these matters would

use in the conduct of an enterprise of a like character and with like aims; and

(c) In accordance with any other laws or instruments governing the

administration of the plan's funds.