KRS § 7A.255 — KY Code / Title II / Chapter 7A / Section 7A.255
7A.255 Annual report of information on state-administered retirement systems' members and recipients of retirement allowances -- Protection of members' and recipients' identities -- Report to Public Pension Oversight Board -- Investment procurement policy -- Annual report on disability payments -- Annual report on employer pay credits
Status: in_force

7A.255 Annual report of information on state-administered retirement systems'

members and recipients of retirement allowances -- Protection of members'

and recipients' identities -- Report to Public Pension Oversight Board --

Investment procurement policy -- Annual report on disability payments --

Annual report on employer pay credits.

(1) Notwithstanding KRS 21.345 to 21.580, 61.661, 61.870 to 61.884, or 161.585 to

the contrary, on or before November 15 following the close of each fiscal year, the

state-administered retirement systems shall collectively file a report with the Public

Pension Oversight Board that shall include the following information for each

member or recipient of a retirement allowance from any of the state-administered

retirement systems:

(a) A unique identification number for each member or recipient that is created

solely for purposes of compiling the report provided by this section and which

shall not be the member's Social Security number or personal identification

number issued by the systems. For individual members or recipients with

multiple accounts in the state-administered retirement systems, all of the state-

administered retirement systems shall use the same unique identification

number;

(b) The system or systems in which the member has an account or from which the

retired member is receiving a monthly retirement allowance;

(c) The status of the member or recipient, including but not limited to whether he

or she is a contributing member, a member who is not currently contributing

to the systems but has not retired, a retired member, a beneficiary, or a retired

member who has returned to work following retirement with an agency

participating in the systems;

(d) If the individual is a retired member or beneficiary, the annualized monthly

retirement allowance that he or she was receiving at the end of the most

recently completed fiscal year; and

(e) If the individual is a member who has not yet retired, the estimated annual

retirement allowance that he or she is eligible to receive at his or her normal

retirement date based upon his or her service credit, final compensation, and

accumulated account balance at the end of the most recently completed fiscal

year.

Under no circumstances shall the member's name, address, or Social Security

number be included in the information required to be reported to the board by this

section, nor shall the unique identification number established by subsection (1) of

this section be capable of being linked to a specific member's retirement account

with a state-administered retirement system.

(2) On or before November 15 following the close of each fiscal year, the state-

administered retirement systems shall report to the Public Pension Oversight Board

the percentage of system assets and managers for which fees and commissions are

being reported in accordance with KRS 21.540(4)(m), 61.645(19)(i), and

161.250(4)(i). This subsection shall apply on a fiscal year basis beginning on or

after July 1, 2017.

(3) On or before November 15, 2017, the state-administered retirement systems shall

tender to the Public Pension Oversight Board a copy of their board-adopted

investment procurement policy along with certification from the secretary of the

Finance and Administration Cabinet that the investment procurement policy meets

or does not meet the best practices for investment management procurement. If the

board amends its investment procurement policy, it shall tender a copy of its

amended investment procurement policy to the Public Pension Oversight Board

within sixty (60) days of adoption along with certification from the secretary of the

Finance and Administration Cabinet that the policy meets or does not meet the best

practices for investment management procurement.

(4) On or before November 15 following the close of each fiscal year, the Kentucky

Public Pensions Authority shall report to the Public Pension Oversight Board the

number of individuals and total payments to members who become totally and

permanently disabled as a direct result of an act in line of duty as defined in KRS

16.505 or become disabled as a result of a duty-related injury as defined in KRS

61.621. The data shall be broken down by system and for recipients who are

drawing a benefit from the disablement of a hazardous member, a nonhazardous

member who worked in a nonhazardous position that could be certified as a

hazardous position based upon KRS 61.592, and a nonhazardous member who

worked in a nonhazardous position that could not be certified as a hazardous

position based upon KRS 61.592.

(5) On or before November 15, 2023, and on or before November 15 every fourth year

thereafter, the Department of Kentucky State Police and the Kentucky Public

Pensions Authority shall jointly report to the Public Pension Oversight Board on the

costs and effectiveness of the program established by KRS 16.583(2)(b)2. and

16.584.