21.550 Investments, judicial retirement fund.

316 words·~1 min read·/ky/chapter-21/21-550

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Those members of the board of trustees of the Judicial Form Retirement System

who are appointed by the Supreme Court, together with the members appointed by

the Governor, shall constitute an investment committee for the Judicial Retirement

Plan, and as such shall have full and sole authority over the judicial retirement fund

and the investment thereof, including the prescribing of funding standards, the

adoption of actuarial methods and assumptions, and the making of employments or

contracts for required personal services, including administrative, actuarial and

investment counseling services. The committee shall be considered trustee of the

judicial retirement fund and shall have the sole authority to make investment

transactions or obtain insurance contracts for funding purposes. The fund shall be

invested in securities which, at the time of making the investment, are by law

permitted for the investment of funds by fiduciaries in this state, or funding may be

accomplished in part by contract with a reputable life insurance company authorized

to do business in this state. To the extent that funding is provided through insurance

contract, no contributions, payments or premiums shall be subject to any tax on

insurance premiums or annuity considerations.

(2)The investment committee for the judicial retirement fund shall appoint one

(1)or

more custodians of the securities acquired under authority of this section, each of

whom shall be responsible for the safekeeping of the securities in his custody. All

registered securities shall be registered in the name "Kentucky Judicial Retirement

Fund" (securities heretofore registered in the name "Kentucky Judicial Retirement

System" may continue in that name), or in nominee name as provided comparably

in KRS 286.3-225, and every change in registration, by reason of sale or assignment

of such securities, shall be accomplished by the signatures of the chairman of the

investment committee or a member of that committee appointed by the chairman,

and by the secretary-treasurer of the fund.