{"data":{"id":"us-ky/krs-95.905","jurisdiction":"us-ky","citation":"KRS 95.905","heading":"Governing board of fund -- Membership.","body":"The fund shall be governed by a board created in the following manner:\n(1) A temporary council, comprised of the executive director of the Kentucky\nMunicipal League or his designee, the president of the Fraternal Order of Police or\nhis designee, and the pr esident of the Associated Professional Firefighters or his\ndesignee shall exist for the purpose of receiving appointments to the board,\nestablishing a date for receipt of moneys into the fund, and scheduling the first\nmeeting of the board. Organizations or  entities authorized to make appointments to\nthe board shall submit those appointments to the temporary council. The temporary\ncouncil shall cease to exist when the board has met and selected a chairman.\n(2) Two (2) board members shall be appointed by the Kentucky State Lodge, Fraternal\nOrder of Police, from among policemen whose local government pension systems\nhave pledged to invest assets in the fund on the date established by the temporary\ncouncil.\n(3) Two (2) board members shall be appointed by the Ass ociated Professional\nFirefighters from among firefighters whose local government pension systems have\npledged to invest assets in the fund on the date established by the temporary\ncouncil.\n(4) Two (2) board members shall be appointed by the Kentucky Municipal League from\namong elected city officials or appointed city administrators whose city pension\nsystems have pledged to invest assets in the fund on the date established by the\ntemporary council.\n(5) Two (2) board members shall be appointed from among emp loyees whose city\npension systems for nonuniformed employees have pledged to invest assets in the\nfund on the date established by the temporary council. The participants in this\ncategory shall consult among themselves to select their two (2) board members.\nShould there be only one (1) participant in this category, only one (1) member shall\nbe appointed.\n(6) One (1) board member shall be appointed by the board within three (3) months of\nthe first board meeting from among persons who have demonstrated compete nce in\na fiduciary capacity.\n(7) In addition, any participant which has invested or pledged to invest at least two\nhundred thousand dollars ($200,000) in the fund, or fifteen (15) percent of the total\nassets of the fund, whichever is greater shall appoint one (1) board member from\namong its employees covered by the pension system, but no participant shall\nappoint a member under the provisions of this subsection if a member from the city\nof the participant has already been appointed under the provisions of s ubsection (2),\n(3), (4), or (5) of this section. Initial appointments pursuant to this subsection shall\nbe effective upon the date when the board first meets. Appointments made pursuant\nto this subsection shall be reviewed on June 30 of each succeeding yea r, at which\ntime new appointments shall be made and old appointments terminated as required\nby the criteria of this subsection.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26114","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:56Z","sha256":"9299849a67cad6c78c1c7e344159eacddc3cf0ec33f749b625ddf46610276a4c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.900","next":"us-ky/krs-95.910"},"notice":"GroundRules: Original legal text. Not legal advice."}