{"data":{"id":"us-ky/krs-95.874","jurisdiction":"us-ky","citation":"KRS 95.874","heading":"Records and accounts -- Accurate system to be maintained.","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 95.851 to\n95.884 and KRS 95.991. This system shall be integrated, to the extent possible with\nthe accounts, records, and procedures of the city to the end that the same shall\noperate most effectively and at minimum expense, and that duplication of records\nand accounts may be avoided.\n(2) All assets of the fund shall be credited according to the purpose s for which they are\nheld in the following designated reserve accounts:\n(a) Members' Contribution Reserve. The amounts contributed by the members,\nincluding those employee contributions picked up by the employer pursuant to\nKRS 65.155, shall be credited to  this reserve, together with regular interest\nthereon as herein provided. An individual account shall be maintained for\neach member, to which shall be credited the amounts of his contributions.\nUpon the granting of a service retirement annuity, disability annuity, or\nsurvivor's annuity or benefit, the accumulated contributions to the credit of the\nmember concerned shall be transferred from this reserve to the retirement\nreserve. Refunds and death payments representing member's contributions\nshall be charged to this reserve.\n(b) Employer's Contribution Reserve. The amounts contributed by the city under\nthe provisions hereof, for service retirement annuity, disability retirement\nannuity, and benefits to survivors covering membership service and prior\nservice, shall be credited to this reserve. Upon the granting of a service\nretirement annuity, disability retirement annuity, or survivor's benefit, an\namount representing the excess of the actuarial value of the annuity, or benefit\nover the accumulated contributio ns of the member, shall be transferred from\nthis 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  and an amount representing the excess of the\nactuarial value of the annuity or benefit over such accumulated contributions,\nshall be transferred to this reserve from the member's contribution 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. An y\nexcess balance in this reserve, as determined by actuarial valuation as of the\nclose of any fiscal year, shall be applied to reduce the city's contributions for\nmembership service for the fiscal years next following the date of such\nvaluation. Any defici ency in this reserve shall be removed by an increase in\nthe amount of city's contributions for future membership service.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26099","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:56Z","sha256":"6afeed67514fbd9a5a7af4b811f7e787d56ca74feb082bf81658c67437052ff1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.873","next":"us-ky/krs-95.875"},"notice":"GroundRules: Original legal text. Not legal advice."}