{"data":{"id":"us-ky/krs-67a.580","jurisdiction":"us-ky","citation":"KRS 67A.580","heading":"Accounts and records -- Reserve accounts.","body":"(1) An adequate system of accounts and records shall be established and maintained for\nthe fund that will reflect fully the requirements of the provisions of KRS 67A.360 to\n67A.690. This system shall be integrated, to the extent possible with the accounts,\nrecords, and procedures of the government to the end that the same shall operate\nmost effectively and at minimum expense, and that duplication of records and\naccounts may be avoided.\n(2) All assets of the fund shall be credited according to the purposes for w hich they are\nheld in the following designated reserve accounts:\n(a) Members' Contribution Reserve. The amounts contributed by the members,\nincluding those picked up pursuant to KRS 67A.510(2), shall be credited to\nthis reserve, together with regular inter est thereon as herein provided. An\nindividual account shall be maintained for each member, to which shall be\ncredited the amounts of his contributions or amounts picked up by the urban -\ncounty government. Upon the granting of a service retirement annuity,\ndisability annuity, or survivor's annuity or benefit, the accumulated\ncontributions to the credit of the member concerned shall be transferred from\nthis reserve to the retirement reserve. Refunds and death payments\nrepresenting member's contributions shall be charged to this reserve.\n(b) Employer's Contribution Reserve. The amounts contributed by the\ngovernment under the provisions hereof, for service retirement annuity,\ndisability retirement annuity, and benefits to survivors covering membership\nservice and prior service, shall be credited to this reserve. Upon the granting\nof a service retirement annuity, disability retirement annuity, or survivor's\nbenefit, an amount representing the excess of the actuarial value of the\nannuity, or benefit over the accumulated contributions of the member, shall be\ntransferred from this reserve to the retirement reserve.\n(c) Retirement Reserve. Upon the granting of a service retirement annuity,\ndisability retirement annuity, or survivor's benefit, the accumulated\ncontributions of the member, including those picked up pursuant to KRS\n67A.510(2), and an amount representing the excess of the actuarial value of\nthe annuity or benefit over such accumulated contributions, shall be\ntransferred to this reserve from the member's contr ibution reserve and\nemployer's contribution reserve, respectively. All income from investments,\nincluding gains on investment transactions, shall be credited to this reserve.\nAll losses on investments shall be charged to this reserve. All payments on\naccount of any annuity made by the fund shall be charged to this reserve. Any\ndeficiency in this reserve shall be removed by an increase in the amount of\ngovernment's contributions for future membership service.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41670","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"d3543edc79949f9705cb126c4765482bdcb067d83b07324fbc1d75f7b831789c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.570","next":"us-ky/krs-67a.590"},"notice":"GroundRules: Original legal text. Not legal advice."}