7A.250 Powers and duties of board.
530 words·~2 min read·
/ky/chapter-7a/7a-250A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Effective April 1, 2021) The Public Pension Oversight Board:
(1)Shall, from time to time, conduct an impartial review of all the laws governing the
state-administered retirement systems and recommend any changes it may find
desirable with respect to benefits and administration, funding of benefits,
investments of funds, and the improvement of language, structure, and organization
of the statutes;
(2)May, once every five
(5)years, review the benefits provided to employees who
begin participating in the systems administered by Kentucky Retirement Systems or
the County Employees Retirement System on or after January 1, 2014, and
recommend any changes to the provisions affecting these employees that are
necessary to maintain the actuarial soundness of the systems;
(3)Shall review semiannually the investment programs of the state-administered
retirement systems, including a review of asset allocation targets and ranges, risk
factors, asset class benchmarks, total return objectives, relative volatility,
performance evaluation guidelines, investment policies, and securities litigation
policies and recoveries from fraud or other corporate malfeasance. The board may
establish an advisory committee, as provided by KRS 7A.260, which may include
investment professionals to assist in complying with the provisions of this
subsection;
(4)May review any benefits, bylaws, policies, or charters established by the state-
administered retirement systems;
(5)Shall, at the request of the Speaker of the House of Representatives or the President
of the Senate, evaluate proposed changes to laws affecting the state-administered
retirement systems and report to the Speaker or the President on the probable costs,
actuarial implications, and desirability as a matter of public policy;
(6)May review all new or amended administrative regulations of the state-administered
retirement systems and provide comments to the Administrative Regulation Review
Subcommittee established by KRS 13A.020;
(7)Shall research issues related to the state-administered retirement systems as directed
by the Legislative Research Commission;
(8)Shall at least once every five
(5)years have an actuarial audit performed for the
state-administered retirement systems to evaluate the reliability of each system's
actuarial assumptions and methods. The actuarial audit shall be performed by an
actuary retained by the Public Pension Oversight Board;
(9)May prior to each budget biennium occurring on or after July 1, 2020, have an
actuarial review of the funding requests and needs submitted by the state-
administered retirement systems. The review shall be performed by an actuary
retained by the Public Pension Oversight Board;
(10)Shall once every four
(4)years review the administrative expenses of the state-
administered retirement systems. The review shall include but not be limited to
evaluating the level and growth of administrative costs, the potential for legislative
changes to reduce administrative costs, and administrative changes the systems may
make to reduce administrative costs and staffing needs; and
(11)Shall publish an annual report covering the board's evaluation and recommendations
with respect to the operations of the state-administered retirement systems. The
report shall be submitted to the Legislative Research Commission no later than
December 31 of each year and shall include at a minimum any legislative
recommendations made by the board, a summary of the financial and actuarial
condition of the state-administered retirement systems, and an analysis of the
adequacy of the current levels of funding.