KRS § 67A.560 — KY Code / Title IX / Chapter 67A / Section 67A.560
67A.560 Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -- Rules and regulations -- Legislative intent to conform with applicable federal statutes, regulations, and published guidance
Status: in_force

67A.560 Board officers -- Treasurer -- Legal adviser -- Actuarial assistance -- Rules

and regulations -- Legislative intent to conform with applicable federal

statutes, regulations, and published guidance.

(1) The officers of the board shall consist of a president, vice president, and a secretary.

The president shall be the chief executive officer of the board, shall preside at all

meetings and shall appoint all necessary committees. The vice president shall serve

as president in the absence of the president.

(2) The board shall designate a secretary who may be a member of the board and shall

fix the secretary's compensation. The secretary shall keep a full account of all

proceedings of the board and shall give notice of all meetings and give effect to all

resolutions, orders, and directives of the board. The secretary shall be in charge of

the detailed affairs of administration of the fund; shall keep the record of

proceedings of all meetings; shall keep all books, files, records, and accounts of the

fund; shall receive all applications for annuities, benefits, and refunds; shall prepare

periodic reports relative to the financial operations of the fund for the information

of the board and its membership; shall compile all statistics pertinent to the

operations of the fund; and shall answer all correspondence received by the board.

(3) The commissioner of finance shall be ex officio treasurer of the board and custodian

of the fund. The commissioner shall have custody of all cash and securities of the

fund, subject to the authority and directives of the board, and shall keep such

accounts and records as may be prescribed by the board. These accounts and records

shall be subject to inspection of the board or any member thereof.

(4) The commissioner of finance shall, within ten (10) days after his or her selection,

execute a bond to the board, with good surety, in such penal sum as the board

directs, to be approved by the board, conditioned upon the faithful performance of

the duties of the office, and that the commissioner shall safely keep and shall

truthfully account for all money and properties that come into his or her hands as

treasurer of the fund, and that upon the expiration of his or her term of office, he or

she shall deliver to his or her successor all securities, unexpended moneys, and

other properties that come into his or her hands as treasurer of the fund. The bond

shall be filed with the secretary of the board, and suit thereon may be filed in the

name of the board for use of the board or any person injured by its breach. The

premium on said bond may be paid out of the fund.

(5) The commissioner of law of the government shall serve as legal adviser to the

board, except that the board shall have the power to hire independent counsel, the

cost of such independent counsel to be borne by the pension fund.

(6) (a) The board shall employ actuarial assistance from time to time to advise it in

matters relating to the technical aspects of operations of the fund, to assist in

the preparation of the periodic financial reports, to conduct the annual

actuarial valuation of the fund, to determine the government's contribution as

provided by KRS 67A.520, and to make periodic analyses of the operation of

the fund.

(b) Within six (6) months after the establishment of an urban-county form of

government, an actuarial study shall be made for the purpose of

recommending rates, mortality, disability, retirement, separations from

service, and other essential factors.

(c) Beginning with the fiscal year ending June 30, 2013, and each fiscal year

thereafter, an actuarial valuation of the fund shall be completed by the actuary

employed by the fund. The valuation shall include a description of the

actuarial assumptions used and descriptive statistics on the actuarial health of

the fund, and shall determine the government's contribution in accordance

with KRS 67A.520. Actuarial assumptions used in the fund's valuation shall

be reasonably related to the experience of the fund and represent the actuary's

best estimate of anticipated experience.

(d) At least once every five (5) years, the board shall cause an actuarial

experience study of the fund to be completed by the actuary employed by the

board. The actuarial experience study shall include a review of actuarial

assumptions, actuarial tables, and actuarial funding methods used in the

actuarial valuation. Based upon the results of the experience study, the actuary

employed by the fund shall recommend the actuarial assumptions, actuarial

tables, and actuarial funding methods to be adopted by the board.

(e) In the event the actuarial valuation or actuarial experience study is not

undertaken as provided by this subsection, any member of the fund or any

annuitant may obtain an injunction or mandamus requiring the actuarial

valuation or actuarial experience study be completed, or may obtain the

appointment of a person or persons to complete the actuarial valuation or

actuarial experience study, from the Circuit Court of any county in which the

government is located.

(7) The board shall establish rules and regulations to implement the provisions of KRS

67A.360 to 67A.690 which shall not be inconsistent therewith. Notwithstanding any

other evidence of legislative intent, it is hereby declared to be the controlling

legislative intent that the provisions of KRS 67A.360 to 67A.690 conform with

federal statutes or regulations and meet the qualification requirements under 26

U.S.C. sec. 401(a), applicable federal regulations, and other published guidance.

Provisions of KRS 67A.360 to 67A.690 which conflict with federal statutes or

regulations or qualification under 26 U.S.C. sec. 401(a), applicable federal

regulations, and other published guidance shall not be available. The board shall

have the authority to promulgate regulations to conform with federal statutes and

regulations and to meet the qualification requirements under 26 U.S.C. sec 401(a).