KRS 67A.550: Duties of board.

In addition to other duties provided in KRS 67A.360 to 67A.690, the board shall:

(1) Establish and maintain an office in the facilities provided by the government for the

meetings of the board and the keeping of the books, accounts, and records of the

fund; hold regular meetings monthly, and such special meetings as may be deemed

necessary; and keep a full record of all of its proceedings, which shall be open to

inspection by the public;

(2) Provide for the installation of a system of accounts and records t hat will give full

effect to the requirements of KRS 67A.360 to 67A.690; adopt all necessary

actuarial tables to be used in the operation of the fund; and provide for the

compilation of such statistical and financial data as may be required for actuarial

valuations, periodic surveys, and calculations;

(3) Obtain such information from the participating members and the government as

shall be necessary for the proper operation of the fund;

(4) Consider and pass upon all applications for annuities, benefits, re funds and other

payments, and authorize the expenditure for such purposes, in accordance with the

provisions hereof. The board shall have authority to promulgate such rules and

regulations, not inconsistent with the provisions of KRS 67A.360 to 67A.690,

necessary for the proper determination of all claims before it;

(5) Accept any gift, grant, or bequest of any money or property of any kind, for the

purposes designated by the grantor if such purposes are specified as providing cash

benefits to some or all of the members or annuitants of the fund; if no such purposes

are designated, the same shall be credited to the account representing income from

investments; and

(6) Have the accounts of the fund audited in accordance with Government Auditing

Standards, issued by the Comptroller General of the United States, as of the end of

each fiscal year, by a competent accountant, and submit the audit report to the

government with other financial or statistical data as are necessary for a proper

interpretation of the co ndition of the fund and the results of its operations. The

board shall also cause to be published for distribution among the members a

synopsis of such report.