95.905 Governing board of fund -- Membership.
476 words·~2 min read·
/ky/chapter-95/95-905A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The fund shall be governed by a board created in the following manner:
(1)A temporary council, comprised of the executive director of the Kentucky
Municipal League or his designee, the president of the Fraternal Order of Police or
his designee, and the president of the Associated Professional Firefighters or his
designee shall exist for the purpose of receiving appointments to the board,
establishing a date for receipt of moneys into the fund, and scheduling the first
meeting of the board. Organizations or entities authorized to make appointments to
the board shall submit those appointments to the temporary council. The temporary
council shall cease to exist when the board has met and selected a chairman.
(2)Two
(2)board members shall be appointed by the Kentucky State Lodge, Fraternal
Order of Police, from among policemen whose local government pension systems
have pledged to invest assets in the fund on the date established by the temporary
council.
(3)Two
(2)board members shall be appointed by the Associated Professional
Firefighters from among firefighters whose local government pension systems have
pledged to invest assets in the fund on the date established by the temporary
council.
(4)Two
(2)board members shall be appointed by the Kentucky Municipal League from
among elected city officials or appointed city administrators whose city pension
systems have pledged to invest assets in the fund on the date established by the
temporary council.
(5)Two
(2)board members shall be appointed from among employees whose city
pension systems for nonuniformed employees have pledged to invest assets in the
fund on the date established by the temporary council. The participants in this
category shall consult among themselves to select their two
(2)board members.
Should there be only one
(1)participant in this category, only one
(1)member shall
be appointed.
(6)One
(1)board member shall be appointed by the board within three
(3)months of
the first board meeting from among persons who have demonstrated competence in
a fiduciary capacity.
(7)In addition, any participant which has invested or pledged to invest at least two
hundred thousand dollars ($200,000) in the fund, or fifteen
(15)percent of the total
assets of the fund, whichever is greater shall appoint one
(1)board member from
among its employees covered by the pension system, but no participant shall
appoint a member under the provisions of this subsection if a member from the city
of the participant has already been appointed under the provisions of subsection (2),
(3), (4), or
(5)of this section. Initial appointments pursuant to this subsection shall
be effective upon the date when the board first meets. Appointments made pursuant
to this subsection shall be reviewed on June 30 of each succeeding year, at which
time new appointments shall be made and old appointments terminated as required
by the criteria of this subsection.