95.920 Custodian of assets -- Duties.

162 words·~1 min read·/ky/chapter-95/95-920

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The board shall employ a single custodian for the assets held by the fund. The

custodian shall be responsible for:

(a)Physical safekeeping of all securities;

(b)Collection of all income;

(c)Effecting all principal and income transactions;

(d)Maintenance of a complete set of accounting records, including reporting to

the board and participants on the assets, earnings and activity of each pool of

the fund on a monthly basis, and reporting individual assets, earnings and

activity to each participant on a monthly basis;

(e)Making principal payments to participants no later than forty-five

(45)days

after receipt of a request; and

(f)Making available earnings to participants on a monthly basis, or returning

earnings to the fund for reinvestment as directed by the participant.

(2)The custodian may upon request of a participant perform optional services such as

but not limited to the following:

(a)Make disbursements for the participant; and

(b)Prepare reports to beneficiaries or units of government.