{"data":{"id":"us-ky/krs-95.871","jurisdiction":"us-ky","citation":"KRS 95.871","heading":"Duties of board.","body":"The board shall have, in addition to other duties arising out of KRS 95.851 to 95.884 and\nKRS 95.991, the following duties:\n(1) Establish and maintain an office in the facilities provided by the city for the\nmeetings of the board and the keeping of the boo ks, accounts, and records of the\nfund; hold regular meetings at least quarterly, and such special meetings as may be\ndeemed necessary; and keep a full record of all of its proceedings, which shall be\nopen to inspection by the public.\n(2) Provide for the in stallation of a system of accounts and records that will give full\neffect to the requirements of KRS 95.851 to 95.884 and KRS 95.991; adopt all\nnecessary actuarial tables to be used in the operation of the fund; and provide for the\ncompilation of such stat istical 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 city as shall be\nnecessary for the proper operation of the fund.\n(4) Consider and  pass upon all applications for annuities, benefits, refunds 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 95.851 to 95.884 and KRS\n95.991, necessary 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 suc h 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.\n(6) Have the accounts of the fu nd audited as of the end of each fiscal year, by a\ncompetent accountant, and submit an annual report to the city as soon as possible\nfollowing the close of the year, embodying, among other things, a balance sheet\nshowing the financial and actuarial condition of the fund, a statement of income and\nexpenditures for the year, a statement showing changes in the asset, liability, and\nreserve accounts during the year, a statement of investments owned by the fund,\ndetailed statements of investments acquired and di sposed of during the year, and\nsuch other financial or statistical data as are necessary for a proper interpretation of\nthe condition of the fund and the results of its operations. The board shall also cause\nto be published for distribution among the members a synopsis of such report.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26096","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:56Z","sha256":"9b9139abaa47f4c055950b8d62b124c78e5b054ea84a653db956e6a3fc9b2b67","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.870","next":"us-ky/krs-95.872"},"notice":"GroundRules: Original legal text. Not legal advice."}