{"data":{"id":"us-ky/krs-67a.560","jurisdiction":"us-ky","citation":"KRS 67A.560","heading":"Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -- Rules","body":"and regulations -- Legislative intent to conform with applicable federal\nstatutes, regulations, and published guidance.\n(1) The officers of the board shall consist of a president, vice president, and a secretary.\nThe president shall be the chief executive officer of the board, shall preside at all\nmeetings and shall appoint all necessary committees. The vice president shall serve\nas president in the absence of the president.\n(2) The board shall designate a secretary who may be a member of the board and shall\nfix the secretary's compensation. The secretary shall keep a full account of all\nproceedings of the board and shall give notice of all meetings and give effect to  all\nresolutions, orders, and directives of the board. The secretary shall be in charge of\nthe detailed affairs of administration of the fund; shall keep the record of\nproceedings of all meetings; shall keep all books, files, records, and accounts of the\nfund; shall receive all applications for annuities, benefits, and refunds; shall prepare\nperiodic reports relative to the financial operations of the fund for the information\nof the board and its membership; shall compile all statistics pertinent to the\noperations of the fund; and shall answer all correspondence received by the board.\n(3) The commissioner of finance shall be ex officio treasurer of the board and custodian\nof the fund. The commissioner shall have custody of all cash and securities of the\nfund, subject to the authority and directives of the board, and shall keep such\naccounts and records as may be prescribed by the board. These accounts and records\nshall be subject to inspection of the board or any member thereof.\n(4) The commissioner of financ e shall, within ten (10) days after his or her selection,\nexecute a bond to the board, with good surety, in such penal sum as the board\ndirects, to be approved by the board, conditioned upon the faithful performance of\nthe duties of the office, and that th e commissioner shall safely keep and shall\ntruthfully account for all money and properties that come into his or her hands as\ntreasurer of the fund, and that upon the expiration of his or her term of office, he or\nshe shall deliver to his or her successor all securities, unexpended moneys, and\nother properties that come into his or her hands as treasurer of the fund. The bond\nshall be filed with the secretary of the board, and suit thereon may be filed in the\nname of the board for use of the board or any pe rson injured by its breach. The\npremium on said bond may be paid out of the fund.\n(5) The commissioner of law of the government shall serve as legal adviser to the\nboard, except that the board shall have the power to hire independent counsel, the\ncost of such independent counsel to be borne by the pension fund.\n(6) (a) The board shall employ actuarial assistance from time to time to advise it in\nmatters relating to the technical aspects of operations of the fund, to assist in\nthe preparation of the periodic  financial reports, to conduct the annual\nactuarial valuation of the fund, to determine the government's contribution as\nprovided by KRS 67A.520, and to make periodic analyses of the operation of\nthe fund.\n(b) Within six (6) months after the establishment of an urban -county form of\ngovernment, an actuarial study shall be made for the purpose of\nrecommending rates, mortality, disability, retirement, separations from\nservice, and other essential factors.\n(c) Beginning with the fiscal year ending June 30, 2013 , and each fiscal year\nthereafter, an actuarial valuation of the fund shall be completed by the actuary\nemployed by the fund. The valuation shall include a description of the\nactuarial assumptions used and descriptive statistics on the actuarial health of\nthe fund, and shall determine the government's contribution in accordance\nwith KRS 67A.520. Actuarial assumptions used in the fund's valuation shall\nbe reasonably related to the experience of the fund and represent the actuary's\nbest estimate of anticipated experience.\n(d) At least once every five (5) years, the board shall cause an actuarial\nexperience study of the fund to be completed by the actuary employed by the\nboard. The actuarial experience study shall include a review of actuarial\nassumptions, actu arial tables, and actuarial funding methods used in the\nactuarial valuation. Based upon the results of the experience study, the actuary\nemployed by the fund shall recommend the actuarial assumptions, actuarial\ntables, and actuarial funding methods to be adopted by the board.\n(e) In the event the actuarial valuation or actuarial experience study is not\nundertaken as provided by this subsection, any member of the fund or any\nannuitant may obtain an injunction or mandamus requiring the actuarial\nvaluation or actuarial experience study be completed, or may obtain the\nappointment of a person or persons to complete the actuarial valuation or\nactuarial experience study, from the Circuit Court of any county in which the\ngovernment is located.\n(7) The board shall establish rules and regulations to implement the provisions of KRS\n67A.360 to 67A.690 which shall not be inconsistent therewith. Notwithstanding any\nother evidence of legislative intent, it is hereby declared to be the controlling\nlegislative intent that the  provisions of KRS 67A.360 to 67A.690 conform with\nfederal statutes or regulations and meet the qualification requirements under 26\nU.S.C. sec. 401(a), applicable federal regulations, and other published guidance.\nProvisions of KRS 67A.360 to 67A.690 which  conflict with federal statutes or\nregulations or qualification under 26 U.S.C. sec. 401(a), applicable federal\nregulations, and other published guidance shall not be available. The board shall\nhave the authority to promulgate regulations to conform with f ederal statutes and\nregulations and to meet the qualification requirements under 26 U.S.C. sec 401(a).","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50411","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"12575f56d1e04d095d57b513dc1e0e15d67083e9e845f962f17a71cb46949d1e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.550","next":"us-ky/krs-67a.570"},"notice":"GroundRules: Original legal text. Not legal advice."}