{"data":{"id":"us-ky/krs-67a.550","jurisdiction":"us-ky","citation":"KRS 67A.550","heading":"Duties of board.","body":"In addition to other duties provided in KRS 67A.360 to 67A.690, the board shall:\n(1) Establish and maintain an office in the facilities provided by the government for the\nmeetings of the board and the keeping of the books, accounts, and records of the\nfund; hold regular meetings monthly, and such special meetings as may be deemed\nnecessary; and keep a full record of all of its proceedings, which shall be open to\ninspection by the public;\n(2) Provide for the installation of a system of accounts and records t hat will give full\neffect to the requirements of KRS 67A.360 to 67A.690; adopt all necessary\nactuarial tables to be used in the operation of the fund; and provide for the\ncompilation of such statistical and financial data as may be required for actuarial\nvaluations, periodic surveys, and calculations;\n(3) Obtain such information from the participating members and the government as\nshall be necessary for the proper operation of the fund;\n(4) Consider and pass upon all applications for annuities, benefits, re funds and other\npayments, and authorize the expenditure for such purposes, in accordance with the\nprovisions hereof. The board shall have authority to promulgate such rules and\nregulations, not inconsistent with the provisions of KRS 67A.360 to 67A.690,\nnecessary for the proper determination of all claims before it;\n(5) Accept any gift, grant, or bequest of any money or property of any kind, for the\npurposes designated by the grantor if such purposes are specified as providing cash\nbenefits to some or all of the members or annuitants of the fund; if no such purposes\nare designated, the same shall be credited to the account representing income from\ninvestments; and\n(6) Have the accounts of the fund audited in accordance with Government Auditing\nStandards, issued by the Comptroller General of the United States, as of the end of\neach fiscal year, by a competent accountant, and submit the audit report to the\ngovernment with other financial or statistical data as are necessary for a proper\ninterpretation of the co ndition of the fund and the results of its operations. The\nboard shall also cause to be published for distribution among the members a\nsynopsis of such report.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23895","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"d688afa05d539745f82b2d2c35e2b067e19bb1d405305e3e93564a1ad9974b9b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.540","next":"us-ky/krs-67a.560"},"notice":"GroundRules: Original legal text. Not legal advice."}