61.706 Kentucky Retirement Systems unfunded liability trust fund.
460 words·~2 min read·
/ky/chapter-61/61-706A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The Kentucky Retirement Systems unfunded liability trust fund is created and shall
be administered by the Finance and Administration Cabinet.
(a)The trust fund shall consist of:
1. Contributions, gifts, and donations;
2. Any moneys designated by the General Assembly for deposit into the
fund; and
3. Any other proceeds from grants, appropriations, or other moneys made
available for the purposes of the trust fund.
(b)Any donor may designate to which system within the Kentucky Retirement
Systems the donation shall benefit, including:
1. The Kentucky Employees Retirement System nonhazardous fund;
2. The Kentucky Employees Retirement System hazardous fund;
3. The County Employees Retirement System nonhazardous fund;
4. The County Employees Retirement System hazardous fund; or
5. The State Police Retirement System.
(c)Checks submitted for donations shall be made payable to the Kentucky State
Treasurer.
(3)Moneys in the trust fund:
(a)Shall be disbursed quarterly to the Kentucky Retirement Systems;
(b)Shall be used to eliminate any unfunded liability and supplement the
investible assets of the Kentucky Retirement Systems; and
(c)Are hereby appropriated for the purposes set forth in paragraph
(b)of this
subsection.
(4)Notwithstanding KRS 45.229, any moneys remaining in the fund at the close of the
fiscal year shall not lapse but shall be carried forward into the succeeding fiscal year
to be used for the purposes provided by subsection
(3)of this section.
(5)Interest earned on any moneys in the trust fund shall accrue to the trust fund.
(a)The Finance and Administration Cabinet shall separately account for each
contribution, gift, or donation made to the trust fund and shall publish on its
Web site a listing of each contribution, gift, or donation made and a
cumulative total of the value of all contributions, gifts, or donations, including
the cumulative total, since the creation of the fund, for each donor or
association of donors or entities, other than those wishing to remain
anonymous.
(b)Information listed on the Web site related to each contribution may include all
information set out in this paragraph, as reported by the donor:
1. The name of donor;
2. The location of the donor by county, if the donor is located in Kentucky,
or by state, if the donor is located outside Kentucky; and
3. The title or position of the donor, or the association of the donor with
any other entity.
(c)Anonymous donations shall be accepted without requiring any of the
information provided in paragraph
(b)of this subsection.
(7)The Finance and Administration Cabinet may work in conjunction with
management consultants and others willing to give of their time and talents to create
a strategic plan to encourage individuals, foundations, associations, corporations,
and other entities to make donations to the fund.