61.515 Retirement system established -- Fund created.

189 words·~1 min read·/ky/chapter-61/61-515

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

There is hereby created and established:

(1)A retirement system for employees to be known as the "Kentucky Employees

Retirement System" by and in which name it shall, pursuant to the provisions of

KRS 61.510 to 61.705, transact all its business and shall have the powers and

privileges of a corporation; and

(a)A fund, called the "Kentucky Employees Retirement Fund," which shall

consist of all the assets of the system as set forth in KRS 61.570 to

61.585.

(b)All assets received in the fund shall be deemed trust funds to be held and

applied solely as provided in KRS 61.510 to 61.705.

(c)The assets in the fund shall be attributable to members participating in

the Kentucky Employees Retirement System in both hazardous positions

as defined in KRS 61.592 and nonhazardous positions as defined in KRS

61.510, and when payment is made from the fund:

1. No assets attributable to members in hazardous positions shall be

used to pay benefits to members in nonhazardous positions; and

2. No assets attributable to members in nonhazardous positions shall

be used to pay benefits to members in hazardous positions.