KRS 41.460: Powers and duties of commission and board -- Executive director.

(1) All powers and duties conferred upon the commission in this chapter shall be

exercised by the board, including but not limited to the following:

(a) To adopt bylaws and operate according to its bylaws;

(b) To enter into agreements, contracts, or other documents with any:

1. Federal, state, or local agency; or

2. Person, corporation, association, partnership, or other organization or

entity;

necessary to accomplish the purposes set forth in KRS 41.450 to 41.465;

(c) 1. To develop and implement a plan toward increasing financial

empowerment for all Kentuckians, specifically the following target

groups:

a. State government personnel;

b. Kentuckians with disabilities;

c. Kentuckians below the poverty threshold as defined by federal

guidelines;

d. K-12 students in Kentucky;

e. Military veterans and personnel who claim residence in Kentucky;

and

f. Kentuckians who are retired or at retirement age.

2. Any curriculum shall be developed by local schools under direction

provided by the Kentucky Board of Education related to financial

literacy guidelines as promulgated in administrative regulations under

KRS 158.1411;

(d) To monitor, review, and evaluate, not less often than annually, the

implementation and effectiveness of the commission's objectives;

(e) To accept for inclusion in the fund appropriations, grants, revenue sharing,

devises, gifts, bequests, donations, federal grants, and any other aid from any

source whatsoever and to agree to, and to comply with, conditions incident

thereto;

(f) To incorporate a nonprofit organization pursuant to KRS Chapter 273 which

qualifies as a tax -exempt organization under Section 501(c)(3) of the Internal

Revenue Code, for the purposes of receiving tax -deductible gifts, donations,

and bequests; and

(g) 1. To employ a full-time executive director, who shall hold office at the

pleasure of the board, and any employees necessary to fulfill the duties

of the commission.

2. The executive director may be terminated by a vote of seven (7)

members of the board.

3. The executive director shall:

a. Act under the direction of the board;

b. Hire necessary staff to assist in performing the duties of the

commission;

c. Carry out the policy and program directives of the commission;

d. Be responsible for the day-to-day operations of the commission;

e. Establish appropriate organizational structures and personnel

policies;

f. Prepare annual reports on the commission's activities;

g. Prepare budgets; and

h. Perform all other duties as directed by the commission or assigned

by law.

4. The executive director and any employees of the commission shall not

participate as members of the Kentucky Retirement Systems.

(2) Nothing in this section shall be construed to require the Kentucky Department of

Education or any particular school district to utilize any resource or provider that

enters into a contractual relationship with the commission.