{"data":{"id":"us-ky/krs-21.530","jurisdiction":"us-ky","citation":"KRS 21.530","heading":"Coordination of Legislators' Retirement and Judicial Retirement Plans","body":"-- Board.\n(1) For administrative purposes only, as hereinafter provided, the Legislators'\nRetirement Plan and the Judicial Retirement Plan shall be coordinated under\nthe name, Judicial Form  Retirement System, but each of the plans shall\nmaintain its separate identity. A board of trustees of that system hereby is\ncreated, to consist of eight (8) members, three (3) of whom  shall be appointed\nby the Supreme Court, two (2) by the Governor, subject to Senate confirmation\nin accordance with KRS  11.160 for each appointment or reappointment, one\n(1) by the President of the Senate, one (1) by the Speaker of the House of\nRepresentatives, and one (1) by the president and speaker jointly. The\nappointments by the Governor shall:\n(a) Not be from among  the members  of either of the plans in the system, or\nfrom among the persons drawing benefits from either of those plans; and\n(b) Have  investment experience. For purposes of this paragraph, a trustee\nwith \"investment experience\" means  an individual who does not have a\nconflict of interest, as provided by KRS  21.540, and who has at least ten\n(10) years of experience in one (1) of the following areas of expertise:\n1. A portfolio manager acting in a fiduciary capacity;\n2. A professional securities analyst or investment consultant;\n3. A  current or retired employee or principal of a trust institution,\ninvestment or finance organization, or endowment  fund acting in an\ninvestment-related capacity;\n4. A chartered financial analyst in good standing as determined by the\nCFA  Institute; or\n5. A university professor, teaching investment-related studies.\n(2) (a) The  members  of the board shall serve for terms of four (4) years,\ncommencing  as of July 1, 1980, and until their successors are chosen\nand  have qualified; provided that if a member  of the board who was a\nmember  of one (1) of the plans in the system when he was appointed\nceases  to be a member  of that plan, a vacancy shall thereupon be\ndeemed  to exist in his position on the board; and provided further, that the\nmembers  of the Judicial Retirement Board in office on July 1, 1980, shall\nserve for the remainder of the terms for which they were appointed, as the\nmembers  of the board created by this section, in the positions appointable\nby the Supreme Court and the Governor. Vacancies shall be filled by the\nappointing authority for the unexpired term.\n(b) A  trustee shall not serve more than three (3) consecutive four (4) year\nterms. A trustee who has served three (3) consecutive terms may  be\nappointed again after an absence of four (4) years from the board. The\nterm limits established by this paragraph shall apply to trustees serving on\nor after July 1, 2012, and all terms of office served prior to July 1, 2012,\nshall be used to determine if the trustee has exceeded the term limits\nprovided by this paragraph.\n(3) The members  of the board shall annually elect a chairman. The chairman shall\nnot serve more than four (4) consecutive years as chairman of the board. A\ntrustee who has served four (4) consecutive years as chairman of the board\nmay  be elected chairman of the board after an absence of two (2) years from\nthe position.\n(4) Gubernatorial appointees, and judicial and legislative appointees who do not\nreceive an annual salary from the State Treasury in another capacity shall\nreceive an amount equal to the per diem compensation paid to members  of the\nGeneral Assembly for each day they are in session. All members  shall be\nreimbursed for their necessary expenses.","path":["KRS Chapter 21"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=45519","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:41Z","sha256":"02fb6336979ea9d47cedcca053705b15893d36b6f550bead2c9102c3e7578ddb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-21.525","next":"us-ky/krs-21.540"},"notice":"GroundRules: Original legal text. Not legal advice."}