Kentucky Statutes 18A.255 – Investments — Limitation of liability
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(1) Notwithstanding any other provision of KRS § 18A.230 to KRS § 18A.275, funds held for the State of Kentucky public employees deferred compensation trust fund pursuant to agreement between the state and participating employees may be invested in such investments as are deemed appropriate by the trustees, including but not limited to annuity contracts. Agreements may be made in writing or by electronic record, signature, or contract as determined by the authority in accordance with the provisions of KRS § 369.101 to KRS § 369.120 and shall not be denied legal effect or enforceability if made electronically to the extent permitted by the authority.
(2) Funds deposited to the credit of the trust fund from payroll deductions made pursuant to KRS § 18A.250 shall be temporarily invested as provided in KRS § 42.500 until such funds are invested pursuant to the deferred compensation agreements between the state and participating employees and actually credited to accounts for plan participants. Notwithstanding KRS § 42.500, interest earned from such temporary investments shall be used to defray the expenses of administering the deferred compensation system.
(3) Neither the authority nor the board shall be liable for any losses or claims due to a participant’s actions in connection with the investment advice or financial planning provided to the participant by operation of KRS § 18A.245(7)(f) or otherwise. The authority and board shall have no duty or obligation to monitor, review, or assess the specific investment advice or financial planning provided to a participant.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 111, sec. 4, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 122, sec. 3, effective July 15, 2010. — Amended 2008 Ky. Acts ch.
181, sec. 4, effective July 15, 2008. — Repealed, reenacted, and amended as KRS
18A.255, 1982 Ky. Acts ch. 448, sec. 51, effective July 15, 1982. — Amended 1980
Ky. Acts ch. 352, sec. 2, effective July 15, 1980. — Created 1974 Ky. Acts ch. 143, sec. 7.
Formerly codified as KRS § 18.560
(2) Funds deposited to the credit of the trust fund from payroll deductions made pursuant to KRS § 18A.250 shall be temporarily invested as provided in KRS § 42.500 until such funds are invested pursuant to the deferred compensation agreements between the state and participating employees and actually credited to accounts for plan participants. Notwithstanding KRS § 42.500, interest earned from such temporary investments shall be used to defray the expenses of administering the deferred compensation system.
Terms Used In Kentucky Statutes 18A.255
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Board: means the Personnel Board created by KRS §. See Kentucky Statutes 18A.005
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) Neither the authority nor the board shall be liable for any losses or claims due to a participant’s actions in connection with the investment advice or financial planning provided to the participant by operation of KRS § 18A.245(7)(f) or otherwise. The authority and board shall have no duty or obligation to monitor, review, or assess the specific investment advice or financial planning provided to a participant.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 111, sec. 4, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 122, sec. 3, effective July 15, 2010. — Amended 2008 Ky. Acts ch.
181, sec. 4, effective July 15, 2008. — Repealed, reenacted, and amended as KRS
18A.255, 1982 Ky. Acts ch. 448, sec. 51, effective July 15, 1982. — Amended 1980
Ky. Acts ch. 352, sec. 2, effective July 15, 1980. — Created 1974 Ky. Acts ch. 143, sec. 7.
Formerly codified as KRS § 18.560