7A.220 Membership of board.
788 words·~4 min read·
/ky/chapter-7a/7a-220A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Effective until January 1, 2027)
(1)The Public Pension Oversight Board shall be composed of the following twenty-
three
(23)members:
(a)1. Four
(4)members of the General Assembly appointed by the Speaker of
the House of Representatives, each of whom shall serve while a member
of the House for the term for which he or she has been elected, one
of whom shall be the chair or a vice chair of the House Standing
Committee on Appropriations and Revenue; and
2. Two
(2)members of the General Assembly appointed by the Speaker of
the House of Representatives, each of whom shall serve while a member
of the House for the term for which he or she has been elected, and who
each shall be selected to ensure representation on the board by House
members of the General Assembly is in closer proportion to the
representation of each political party in the House of Representatives.
Of the members appointed pursuant to this paragraph, the Speaker shall
designate one
(1)as co-chair of the board;
(b)1. Four
(4)members of the General Assembly appointed by the President
of the Senate, each of whom shall serve while a member of the Senate
for the term for which he or she has been elected, one
(1)of whom shall
be the chair or a vice chair of the Senate Standing Committee on
Appropriations and Revenue; and
2. Two
(2)members of the General Assembly appointed by the President
of the Senate, each of whom shall serve while a member of the Senate
for the term for which he or she has been elected, and who each shall be
selected to ensure representation on the board by Senate members of the
General Assembly is in closer proportion to the representation of each
political party in the Senate.
Of the members appointed pursuant to this paragraph, the President shall
designate one
(1)as co-chair of the board;
(c)Two
(2)members of the General Assembly appointed by the Minority Floor
Leader of the Senate, who shall serve while a member of the Senate for the
term for which he or she has been elected;
(d)Two
(2)members of the General Assembly appointed by the Minority Floor
Leader of the House of Representatives, who shall serve while a member of
the House for the term for which he or she has been elected;
(e)One
(1)individual appointed by the Speaker of the House of Representatives,
who shall be certified as a chartered financial analyst
(CFA)with at least ten
(10)years of investment experience or who shall possess at least ten
years of retirement experience as defined by subsection
(2)of this section;
(f)One
(1)individual appointed by the President of the Senate, who shall be
certified as a chartered financial analyst
(CFA)with at least ten
(10)years of
investment experience or who shall possess at least ten
(10)years of
retirement experience as defined by subsection
(2)of this section;
(g)The state budget director or his or her designee;
(h)The Auditor of Public Accounts or his or her designee;
(i)The Attorney General or his or her designee; and
(j)Two
(2)individuals appointed by the Governor, one
(1)of whom shall be
certified as a chartered financial analyst
(CFA)with at least ten
(10)years of
investment experience and one
(1)of whom shall possess at least ten
years of retirement experience as defined by subsection
(2)of this section.
(2)For purposes of this section, "retirement experience" means:
(a)Experience in retirement or pension plan management;
(b)A certified public accountant with relevant experience in retirement or
pension plan accounting;
(c)An actuary with relevant experience in retirement or pension plan consulting;
(d)An attorney licensed to practice law in the Commonwealth of Kentucky with
relevant experience in retirement or pension plans; or
(e)A current or former university professor whose primary area of emphasis is
economics or finance.
(3)Individuals appointed under subsection (1)(e), (f), and
(j)of this section shall not:
(a)Be a member of the General Assembly;
(b)Be employed by a state agency of the Commonwealth of Kentucky or
receiving a contractual payment for services rendered to a state agency of the
Commonwealth of Kentucky that would conflict with his or her service to the
board; or
(c)Serve more than three
(3)consecutive four
(4)year terms on the board.
(4)Any vacancy which may occur in the membership of the board shall be filled by the
appointing authority who made the original appointment.
(5)Individuals appointed under subsection (1)(e), (f), and
(j)of this section shall serve
a term of four
(4)years.