KRS § 7A.220 — KY Code / Title II / Chapter 7A / Section 7A.220
7A.220 Membership of board -- Terms -- Vacancies. (Effective January 1, 2027)
Status: in_force

7A.220 Membership of board -- Terms -- Vacancies. (Effective January 1,

2027)

(1) The Public Pension Oversight Board shall be composed of the following twenty-

three (23) members:

(a) 1. Four (4) members of the General Assembly appointed by the Speaker of

the House of Representatives, one (1) of whom shall be the chair or a

vice chair of the House Standing Committee on Appropriations and

Revenue; and

2. Two (2) members of the General Assembly appointed by the Speaker of

the House of Representatives, each of whom shall be selected to ensure

that representation on the board by House members of the General

Assembly is in closer proportion to the representation of each political

party in the House of Representatives.

The members appointed pursuant to this paragraph shall be appointed in

January of each odd-numbered year for a two (2) year term, and the Speaker

shall designate one (1) as co-chair of the board;

(b) 1. Four (4) members of the General Assembly appointed by the President

of the Senate, one (1) of whom shall be the chair or a vice chair of the

Senate Standing Committee on Appropriations and Revenue; and

2. Two (2) members of the General Assembly appointed by the President

of the Senate, each of whom shall be selected to ensure that

representation on the board by Senate members of the General

Assembly is in closer proportion to the representation of each political

party in the Senate.

The members appointed pursuant to this paragraph shall be appointed in

January of each odd-numbered year for a two (2) year term, and the President

shall designate one (1) as co-chair of the board;

(c) Two (2) members of the General Assembly appointed by the Minority Floor

Leader of the Senate in January of each odd-numbered year for a two (2) year

term;

(d) Two (2) members of the General Assembly appointed by the Minority Floor

Leader of the House of Representatives appointed in January of each odd-

numbered year for a two (2) year term;

(e) One (1) individual appointed by the Speaker of the House of Representatives,

who shall be certified as a chartered financial analyst (CFA) with at least ten

(10) years of investment experience or who shall possess at least ten (10)

years of retirement experience as defined by subsection (2) of this section;

(f) One (1) individual appointed by the President of the Senate, who shall be

certified as a chartered financial analyst (CFA) with at least ten (10) years of

investment experience or who shall possess at least ten (10) years of

retirement experience as defined by subsection (2) of this section;

(g) The state budget director or his or her designee;

(h) The Auditor of Public Accounts or his or her designee;

(i) The Attorney General or his or her designee; and

(j) Two (2) individuals appointed by the Governor, one (1) of whom shall be

certified as a chartered financial analyst (CFA) with at least ten (10) years of

investment experience and one (1) of whom shall possess at least ten (10)

years of retirement experience as defined by subsection (2) of this section.

(2) For purposes of this section, "retirement experience" means:

(a) Experience in retirement or pension plan management;

(b) A certified public accountant with relevant experience in retirement or

pension plan accounting;

(c) An actuary with relevant experience in retirement or pension plan consulting;

(d) An attorney licensed to practice law in the Commonwealth of Kentucky with

relevant experience in retirement or pension plans; or

(e) A current or former university professor whose primary area of emphasis is

economics or finance.

(3) Individuals appointed under subsection (1)(e), (f), and (j) of this section shall not:

(a) Be a member of the General Assembly;7A.220 Membership of board. (Effective until January 1, 2027)

(1) The Public Pension Oversight Board shall be composed of the following twenty-

three (23) members:

(a) 1. Four (4) members of the General Assembly appointed by the Speaker of

the House of Representatives, each of whom shall serve while a member

of the House for the term for which he or she has been elected, one (1)

of whom shall be the chair or a vice chair of the House Standing

Committee on Appropriations and Revenue; and

2. Two (2) members of the General Assembly appointed by the Speaker of

the House of Representatives, each of whom shall serve while a member

of the House for the term for which he or she has been elected, and who

each shall be selected to ensure representation on the board by House

members of the General Assembly is in closer proportion to the

representation of each political party in the House of Representatives.

Of the members appointed pursuant to this paragraph, the Speaker shall

designate one (1) as co-chair of the board;

(b) 1. Four (4) members of the General Assembly appointed by the President

of the Senate, each of whom shall serve while a member of the Senate

for the term for which he or she has been elected, one (1) of whom shall

be the chair or a vice chair of the Senate Standing Committee on

Appropriations and Revenue; and

2. Two (2) members of the General Assembly appointed by the President

of the Senate, each of whom shall serve while a member of the Senate

for the term for which he or she has been elected, and who each shall be

selected to ensure representation on the board by Senate members of the

General Assembly is in closer proportion to the representation of each

political party in the Senate.

Of the members appointed pursuant to this paragraph, the President shall

designate one (1) as co-chair of the board;

(c) Two (2) members of the General Assembly appointed by the Minority Floor

Leader of the Senate, who shall serve while a member of the Senate for the

term for which he or she has been elected;

(d) Two (2) members of the General Assembly appointed by the Minority Floor

Leader of the House of Representatives, who shall serve while a member of

the House for the term for which he or she has been elected;

(e) One (1) individual appointed by the Speaker of the House of Representatives,

who shall be certified as a chartered financial analyst (CFA) with at least ten

(10) years of investment experience or who shall possess at least ten (10)

years of retirement experience as defined by subsection (2) of this section;

(f) One (1) individual appointed by the President of the Senate, who shall be

certified as a chartered financial analyst (CFA) with at least ten (10) years of

investment experience or who shall possess at least ten (10) years of

retirement experience as defined by subsection (2) of this section;

(g) The state budget director or his or her designee;

(h) The Auditor of Public Accounts or his or her designee;

(i) The Attorney General or his or her designee; and

(j) Two (2) individuals appointed by the Governor, one (1) of whom shall be

certified as a chartered financial analyst (CFA) with at least ten (10) years of

investment experience and one (1) of whom shall possess at least ten (10)

years of retirement experience as defined by subsection (2) of this section.

(2) For purposes of this section, "retirement experience" means:

(a) Experience in retirement or pension plan management;

(b) A certified public accountant with relevant experience in retirement or

pension plan accounting;

(c) An actuary with relevant experience in retirement or pension plan consulting;

(d) An attorney licensed to practice law in the Commonwealth of Kentucky with

relevant experience in retirement or pension plans; or

(e) A current or former university professor whose primary area of emphasis is

economics or finance.

(3) Individuals appointed under subsection (1)(e), (f), and (j) of this section shall not:

(a) Be a member of the General Assembly;

(b) Be employed by a state agency of the Commonwealth of Kentucky or

receiving a contractual payment for services rendered to a state agency of the

Commonwealth of Kentucky that would conflict with his or her service to the

board; or

(c) Serve more than three (3) consecutive four (4) year terms on the board.

(4) Any vacancy which may occur in the membership of the board shall be filled by the

appointing authority who made the original appointment.

(5) Individuals appointed under subsection (1)(e), (f), and (j) of this section shall serve

a term of four (4) years.or pension plan consulting;

(d) An attorney licensed to practice law in the Commonwealth of Kentucky with

relevant experience in retirement or pension plans; or

(e) A current or former university professor whose primary area of emphasis is

economics or finance.

(3) Individuals appointed under subsection (1)(e), (f), and (j) of this section shall not:

(a) Be a member of the General Assembly;

(b) Be employed by a state agency of the Commonwealth of Kentucky or

receiving a contractual payment for services rendered to a state agency of the

Commonwealth of Kentucky that would conflict with his or her service to the

board; or

(c) Serve more than three (3) consecutive four (4) year terms on the board.

(4) Any vacancy which may occur in the membership of the board shall be filled within

thirty (30) days of the occurrence, in the same manner as the original appointment,

and for the balance of the vacated member's term.

(5) Individuals appointed under subsection (1)(e), (f), and (j) of this section shall serve

a term of four (4) years.