{"data":{"id":"us-ky/krs-95.915","jurisdiction":"us-ky","citation":"KRS 95.915","heading":"Qualified investment managers -- Appointment -- Duties.","body":"The board shall employ one (1) or more qualified investment managers, who shall invest\nand reinvest the assets of the fund.  The qualified investment managers may make any\ninvestments which are allowed, at the time of making the investment, to fiduciaries in this\nstate, except that the board may at its discretion authorize the qualified investment\nmanagers to purchase common stocks in corporations that do not have a record of paying\ndividends to their stockholders.  Qualified investment managers operating p ursuant to the\nprovisions of KRS 95.895 to 95.945 shall not be required to seek District Court approval\nof investments authorized by KRS 386.020(h) and (i).  The board may grant the qualified\ninvestment managers authority to make timely investments.  In in vesting and reinvesting\nmoneys and in acquiring, managing and disposing of investments, the qualified\ninvestment managers shall discharge their duties with respect to the fund solely in the\ninterest of the participants and their beneficiaries and:\n(1) For the exclusive purpose of providing benefits to participants and their\nbeneficiaries and defraying reasonable expenses of administering the fund;\n(2) With the care, skill, prudence, and diligence under the circumstances then\nprevailing that a prudent man ac ting in a like capacity and familiar with such\nmatters would use in the conduct of an enterprise of a like character and with like\naims;\n(3) By diversifying the investments of the fund so as to minimize the risk of large\nlosses, unless under the circumstances it is clearly prudent not to do so; and\n(4) In accordance with the documents and instruments governing the fund as found in\nKRS 95.895 to 95.945 or policies adopted by the board.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26116","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:56Z","sha256":"37a71ed4277d76ac80c0632e66552c0b1be3d3180b6de612df39c889913965ba","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.910","next":"us-ky/krs-95.920"},"notice":"GroundRules: Original legal text. Not legal advice."}