95.945 Allocation of charges for services.
145 words·~1 min read·
/ky/chapter-95/95-945A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Charges for investment and custodial or other services which by nature benefit all
fund participants shall be allocated by general rules over all fund participants
enjoying those services:
(a)Charges for investment services shall be allocated among the participants in
direct proportion to their degree of ownership of the assets invested;
(b)Charges for custodial services may include both an asset charge directly
proportional to the degree of ownership of the assets held, and a fixed charge
associated with participation of any magnitude.
(2)Charges for services which clearly benefit individual participants, such as
accounting services or preparation of reports for individual participants, shall be
paid for by the individual participant.
(3)The board shall approve all charges prior to payment. In no event shall charges
pursuant to subsection (1)(a) of this section exceed one percent (1%) of the
principal amount of the fund.