78.520 Retirement system established -- Fund created.

191 words·~1 min read·/ky/chapter-78/78-520

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 "County Employees

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

KRS 78.510 to 78.852, transact all of its business and shall have the powers

and privileges of a corporation; and

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

consist of all the assets of the system as set forth in KRS 78.510 to

78.852.

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

applied solely as provided in KRS 78.510 to KRS 78.852.

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

the County Employees Retirement System in both hazardous positions as

defined in KRS 78.510 and nonhazardous positions as defined in KRS

78.510, 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.