KRS 95.871: Duties of board.

The board shall have, in addition to other duties arising out of KRS 95.851 to 95.884 and

KRS 95.991, the following duties:

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

meetings of the board and the keeping of the boo ks, accounts, and records of the

fund; hold regular meetings at least quarterly, 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 in stallation of a system of accounts and records that will give full

effect to the requirements of KRS 95.851 to 95.884 and KRS 95.991; adopt all

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

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

valuations, periodic surveys, and calculations.

(3) Obtain such information from the participating members and the city as shall be

necessary for the proper operation of the fund.

(4) Consider and pass upon all applications for annuities, benefits, refunds 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 95.851 to 95.884 and KRS

95.991, 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 suc h 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.

(6) Have the accounts of the fu nd audited as of the end of each fiscal year, by a

competent accountant, and submit an annual report to the city as soon as possible

following the close of the year, embodying, among other things, a balance sheet

showing the financial and actuarial condition of the fund, a statement of income and

expenditures for the year, a statement showing changes in the asset, liability, and

reserve accounts during the year, a statement of investments owned by the fund,

detailed statements of investments acquired and di sposed of during the year, and

such other financial or statistical data as are necessary for a proper interpretation of

the condition 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.