KRS 95.900: Allocation of units of participation.

The purposes of the fund shall be to enable each participant to enhance its investment

power through aggregation of its resources with the resources of other participants, and to

avail itself of options for centralized administrative and accounting service s relating to

pension system management. Participants shall be allocated units of participation in the

fund representing the value of assets which they invest in the fund. Earnings of the fund

shall be allocated to participants uniformly on the basis of degree of ownership of units of

participation. There shall be no sharing of the pension liabilities of the various

participants within the framework of the fund.