KRS 95.920: Custodian of assets -- Duties.

(1) The board shall employ a single custodian for the assets held by the fund. The

custodian shall be responsible for:

(a) Physical safekeeping of all securities;

(b) Collection of all income;

(c) Effecting all principal and income transactions;

(d) Maintenance of a complete set of accounting records, including reporting to

the board and participants on the assets, earnings and activity of each pool of

the fund on a monthly basis, and reporting individual assets, earnings and

activity to each participant on a monthly basis;

(e) Making principal payments to participants no later than forty -five (45) days

after receipt of a request; and

(f) Making available earnings to participants on a monthly basis, or returning

earnings to the fund for reinvestment as directed by the participant.

(2) The custodian may upon request of a participant perform optional services such as

but not limited to the following:

(a) Make disbursements for the participant; and

(b) Prepare reports to beneficiaries or units of government.