{"data":{"id":"us-ky/krs-230.375","jurisdiction":"us-ky","citation":"KRS 230.375","heading":"Kentucky Race Track Retirement Plan.","body":"(1) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., may\ncreate and fund the Kentucky Race Track Retirement Plan. The board shall use no\nmore than twenty -five percent (25%) of the annual sum paid by the corporation\nunder KRS 230.361 to 230.373 to fund the plan.\n(2) The plan shall be provided for the benefit of Thoroughbred trainers, assistant\ntrainers, exercise riders, grooms, stable attendants, and other stable employees who\ncan demonstrate that they are not otherwise eligible to pa rticipate in any other\nprivate or public, nonself-funded retirement or pension plan.\n(3) The Kentucky Race Track Retirement Plan shall be administered by the board of\ndirectors of the Kentucky Racing Health and Welfare Fund, Inc., for the charitable\nand be nevolent purposes set forth in KRS 230.374, and no part of the sums\nadministered by the fund for the plan or any net earnings of the plan shall inure to\nthe benefit of any private individual, director, officer, or member of the fund, or any\nof the persons who paid sums to the corporation under the provisions of KRS\n230.361 to 230.373.\n(4) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., shall\nbe the trustee of the plan's funds and shall have full power to invest and reinvest\nfunds. Investments shall be diversified to balance the risks associated with various\ninvestment options to maintain the long -term solvency of the plan. The board shall\nhave full power to hold, purchase, sell, assign, transfer, or dispose of any of the\ninvestments in which any of the plan's funds have been invested, as well as of the\nproceeds of investments belonging to the plan. The board members or any\ninvestment manager shall discharge their duties with respect to the assets of the\nplan solely in the interest of the plan's members and:\n(a) For the exclusive purposes of providing benefits to plan members and their\nbeneficiaries and defraying reasonable expenses of administering the plan;\n(b) With the care, skill, prudence, and diligence under the circumstances that a\nprudent person acting in a like capacity and familiar with these matters would\nuse in the conduct of an enterprise of a like character and with like aims; and\n(c) In accordance with any other laws or instruments governing the\nadministration of the plan's funds.","path":["KRS Chapter 230"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54711","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:46Z","sha256":"e78db0fb004007b1dda953627517cb15f7d431005e0553683db43832ee892c97","source_id":"us-ky","stale":false,"prev":"us-ky/krs-230.374","next":"us-ky/krs-230.3751"},"notice":"GroundRules: Original legal text. Not legal advice."}