{"data":{"id":"us-ky/krs-161.710","jurisdiction":"us-ky","citation":"KRS 161.710","heading":"Local system merged with state system.","body":"(1) The local retirement systems merged with the state retirement system under the\nprovisions of 1938 Ky. Acts (1st Ex. Sess.), ch. 1, sec. 49, shall be discontinued.\nThe payment of all benefits to members on the retired roll at the time of\ndiscontinuance shall become the obligation of the school district in which the local\nsystem was operated prior to its discontinuance. The method of determining and\npaying refundable deposits due members of the local system shall be as provided in\n1938 Ky. Acts (1st Ex. Sess.), ch. 1, sec. 49.\n(2) Payments to annuitants in cities of the first class or in areas formerly constituting a\ncity of the first class which have been consolidated with their county shall not\nexceed the amount being received by them at the time the local r etirement system is\ndiscontinued. The sum that remains after the death of all annuitants shall be used by\nthe local board of education for general school purposes.\n(3) The local board of education shall continue to invest the funds transferred to it for\nthe benefit of the existing annuitants as long as such annuitants live. Such\ninvestment shall be governed by 1934 Ky. Acts, ch. 65, Art. IX, except that the\nlocal board of education is substituted for the board of trustees of the local\nretirement system. The local board of education shall keep all funds transferred to it\nby the local retirement system and all income from the investment of such funds in\na separate fund to be known as the annuity fund. The local board of education may\npay from the fund any reas onable expenses necessary for the fund's administration\nand general management. The local board of education shall safeguard the fund by\nrequiring such additional surety bond of the treasurer as it deems necessary, by\nproviding for an annual audit by a rep utable auditing firm, by spreading on the\nminutes of the board of education at least annually a report of investments, assets,\nand liabilities, and the names, addresses, and annuities of annuitants, and by making\nsuch an appropriation to the fund from loca l school revenues as will guarantee the\nfull and complete discharge of all obligations to annuitants.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3986","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"dba37675fa23471fbc53f7dcf7ce173f297af3fc01f87ee5436cd6620355264e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.705","next":"us-ky/krs-161.712"},"notice":"GroundRules: Original legal text. Not legal advice."}