{"data":{"id":"us-ky/krs-7a.250","jurisdiction":"us-ky","citation":"KRS 7A.250","heading":"Powers and duties of board.  (Effective April 1, 2021)","body":"The Public Pension Oversight Board:\n(1) Shall, from time to time, conduct an impartial review of all the laws governing the\nstate-administered retirement systems and recommend any changes it may find\ndesirable with respect to benefits and administration, f unding of benefits,\ninvestments of funds, and the improvement of language, structure, and organization\nof the statutes;\n(2) May, once every five (5) years, review the benefits provided to employees who\nbegin participating in the systems administered by Kentucky Retirement Systems or\nthe County Employees Retirement System on or after January 1, 2014, and\nrecommend any changes to the provisions affecting these employees that are\nnecessary to maintain the actuarial soundness of the systems;\n(3) Shall review se miannually the investment programs of the state -administered\nretirement systems, including a review of asset allocation targets and ranges, risk\nfactors, asset class benchmarks, total return objectives, relative volatility,\nperformance evaluation guideline s, investment policies, and securities litigation\npolicies and recoveries from fraud or other corporate malfeasance. The board may\nestablish an advisory committee, as provided by KRS 7A.260, which may include\ninvestment professionals to assist in complying  with the provisions of this\nsubsection;\n(4) May review any benefits, bylaws, policies, or charters established by the state -\nadministered retirement systems;\n(5) Shall, at the request of the Speaker of the House of Representatives or the President\nof the S enate, evaluate proposed changes to laws affecting the state -administered\nretirement systems and report to the Speaker or the President on the probable costs,\nactuarial implications, and desirability as a matter of public policy;\n(6) May review all new or amended administrative regulations of the state-administered\nretirement systems and provide comments to the Administrative Regulation Review\nSubcommittee established by KRS 13A.020;\n(7) Shall research issues related to the state-administered retirement systems as directed\nby the Legislative Research Commission;\n(8) Shall at least once every five (5) years have an actuarial audit performed for the\nstate-administered retirement systems to evaluate the reliability of each system's\nactuarial assumptions and met hods. The actuarial audit shall be performed by an\nactuary retained by the Public Pension Oversight Board;\n(9) May prior to each budget biennium occurring on or after July 1, 2020, have an\nactuarial review of the funding requests and needs submitted by the  state-\nadministered retirement systems. The review shall be performed by an actuary\nretained by the Public Pension Oversight Board;\n(10) Shall once every four (4) years review the administrative expenses of the state -\nadministered retirement systems. The re view shall include but not be limited to\nevaluating the level and growth of administrative costs, the potential for legislative\nchanges to reduce administrative costs, and administrative changes the systems may\nmake to reduce administrative costs and staffing needs; and\n(11) Shall publish an annual report covering the board's evaluation and recommendations\nwith respect to the operations of the state -administered retirement systems. The\nreport shall be submitted to the Legislative Research Commission no late r than\nDecember 31 of each year and shall include at a minimum any legislative\nrecommendations made by the board, a summary of the financial and actuarial\ncondition of the state -administered retirement systems, and an analysis of the\nadequacy of the current levels of funding.","path":["KRS Chapter 7A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50538","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:27Z","sha256":"ff2829be96346a163f17035e99cb40e27ba99f2cc10f59ed4ed5ba262769572d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-7a.240","next":"us-ky/krs-7a.255"},"notice":"GroundRules: Original legal text. Not legal advice."}