{"data":{"id":"us-ky/krs-95.872","jurisdiction":"us-ky","citation":"KRS 95.872","heading":"Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -- Rules","body":"and regulations.\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 boar d, 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 his compensat ion. The secretary shall keep a full account of all proceedings of\nthe board, shall give notice of all meetings and give effect to all resolutions, orders,\nand directives of the board. He shall be in charge of the detailed affairs of\nadministration of the fund; shall keep the record of proceedings of all meetings;\nshall keep all books, files, records, and accounts of the fund; shall receive all\napplications for annuities, benefits, and refunds; shall prepare periodic reports\nrelative to the financial operat ions of the fund for the information of the board and\nits membership; shall compile all statistics pertinent to the operations of the fund;\nand shall answer all correspondence received by the board.\n(3) The city treasurer or chief financial officer shall be ex officio treasurer of the board,\nand custodian of the fund. He 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 city treasurer or chief financial officer shall, within ten (10) days after his\nselection, execute a bond to the board, with good surety, in such penal su m as the\nboard directs, to be approved by the board, conditioned upon the faithful\nperformance of the duties of his office, and that he will safely keep and will\ntruthfully account for all money and properties that come into his hands as treasurer\nof the fund, and that upon the expiration of his term of office, he will deliver to his\nsuccessor all securities, unexpended moneys, and other properties that come into his\nhands as treasurer of the fund. The bond will be filed with the secretary of the\nboard, and suit thereon may be filed in the name of the board for use of the board or\nany person injured by its breach. The premium on said bond may be paid out of the\nfund, except that the board shall have the power to hire independent counsel for any\nsuits or acti ons of law, the cost of such independent counsel to be borne by the\nboard.\n(5) The director of law of the city shall serve as legal adviser to the board on all matters\npertaining to the fund involving suits or actions at law, and on any questions of the\ninterpretation of the provisions hereof, except that the board shall have the power to\nhire independent counsel for any suits or actions of law, the cost of such\nindependent counsel to be borne by the board.\n(6) The board may employ actuarial assistance from time to time to advise it in matters\nrelating to the technical aspects of operations of the fund, to assist in the preparation\nof the periodic financial reports, to determine rates of city contribution, and to make\nperiodic analyses of the operation of th e fund. Within six (6) months after the\nestablishment, an actuarial experience study shall be made for the purpose of\nrecommending rates of mortality, disability, retirement, separations from service\nand other essential factors. At least once every five (5 ) years thereafter, an actuarial\nexperience study and investigation shall be made of the operating experience of the\nfund, including a study of the rates of mortality, disability, retirement, separations\nfrom service and other essential factors. The actuar y shall recommend all mortality\nand interest tables to be adopted by the board, and shall recommend, if appropriate,\ncost-of-living increases as provided in KRS 95.859(1) to (3)(a). In the event such\nsurvey is not undertaken as provided herein, any member of the fund or any\nannuitant may obtain an injunction or mandamus requiring such survey and\ninvestigation, or may obtain the appointment of a person or persons to make such\nstudy and investigation, from the Circuit Court of any county in which the city is\nlocated.\n(7) The board shall establish rules and regulations to implement the provisions of KRS\n95.851 to 95.884 and 95.991, which shall not be inconsistent therewith.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=45002","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:56Z","sha256":"ee4b9206fc39188de4c832a65cd1ad0389fad3a1414a9eada3ef35eb1c8a01d5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.871","next":"us-ky/krs-95.873"},"notice":"GroundRules: Original legal text. Not legal advice."}