42.205 Permanent pension fund.
190 words·~1 min read·
/ky/chapter-42/42-205A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)There is hereby established within the Finance and Administration Cabinet the
Kentucky permanent pension fund for the purpose of addressing the
Commonwealth's unfunded pension liabilities. The proceeds contained in this fund
shall be used only for contributions to the Commonwealth's pension funds.
(2)The fund may receive:
(a)State appropriations;
(b)The net proceeds from the sale of real property owned by the Commonwealth
or any agency thereof; and
(c)Any settlements or judgments resulting from litigation in which the
Commonwealth or any of its agencies is a party, after costs of litigation and
mandatory deductions or restitution to consumers have been deducted.
(3)Any unallotted or unencumbered balances in the fund shall be invested pursuant to
KRS 42.500.
(4)Income earned from the investments shall be credited to and become part of the
fund.
(5)Notwithstanding KRS 45.229, any fund balance at the close of the fiscal year shall
not lapse but shall be carried forward to the next fiscal year. All amounts in the fund
shall remain in the fund and shall not be expended or appropriated without the
express authority in an enacted biennial budget bill.