KRS § 161.460 — KY Code / Title XIII / Chapter 161 / Section 161.460
161.460 Conflict of interest -- Trustees, employees, members of General Assembly, public servants
Status: in_force

161.460 Conflict of interest -- Trustees, employees, members of General

Assembly, public servants.

(1) No trustee or employee of the board of trustees shall:

(a) Have any interest, direct or indirect, in the gain or profits of any

investment or any other legal, business, or financial transaction made by

the board, except that any such trustee or employee may be a member,

employee, or beneficiary of the plans administered by the board or

authority;

(b) Directly or indirectly for himself or as an agent for another, use any of the

assets of the retirement system in any manner except to make current

and necessary payments authorized by the board;

(c) Become an endorser, surety, or obligor for moneys loaned to or borrowed

from the board;

(d) Have a contract or agreement with the retirement system, individually or

through a business owned by the trustee or the employee;

(e) Use his or her official position with the retirement system to obtain a

financial gain or benefit or advantage for himself or herself or a family

member;

(f) Use confidential information acquired during his or her tenure with the

retirement system to further his or her own economic interests or that of

another person; or

(g) Hold outside employment with, or accept compensation from, any person

or business with which he or she has involvement as part of his or her

official position with the retirement system. The provisions of this

subsection shall not prohibit a trustee from serving as an employee of an

agency participating in the Kentucky Teachers' Retirement System.

(2) No trustee or employee of the board of trustees, who has served as a trustee

or employee of the board on or after July 1, 2017, shall have any interest,

direct or indirect, in the gains or profits of any investment or any other legal,

business, or financial transaction made by the board of trustees for a period of

five (5) years following termination of his or her position, except that any such

trustee or employee may be a member, employee, or beneficiary of the

Teachers' Retirement System.

(3) (a) No person who is serving as a member of the General Assembly or is a

public servant as defined by KRS 11A.010(9) shall have any interest,

direct or indirect, in the gains or profits of any investment or any other

legal, business, or financial transaction made by the board of trustees,

except that any such member or public servant may be a member,

employee, or beneficiary of the Teachers' Retirement System.

(b) No person who was serving as a member of the General Assembly on or

after July 1, 2017, or was serving as a public servant as defined by KRS

11A.010(9) on or after July 1, 2017, shall have any interest, direct or

indirect, in the gains or profits of any investment or any other legal,

business, or financial transaction made by the board of trustees for a

period of five (5) years following termination of his or her position, except

that any such member or public servant may be a member, employee, or

beneficiary of the Teachers' Retirement System.