Kentucky Statutes 16.642 – Board is trustee of funds — Investments – Control over assets in custodial account — Priority to investments enhancing economic welfare of Commonwealth — Investment committee of funds — Cap on amount of assets managed b…
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(1) The board shall be the trustee of funds created by KRS § 16.505 to KRS § 16.652 and KRS § 61.701 and shall have full power to invest and reinvest such assets in accordance with federal law.
(2) The board, through adopted written policies, shall maintain ownership and control over its assets held in its unitized managed custodial account.
(3) The board, in keeping with its responsibility as trustee and wherever feasible, shall give priority to the investment of funds in obligations calculated to improve the industrial development and enhance the economic welfare of the Commonwealth.
(4) The investment committee established pursuant to KRS § 61.650 shall serve as the investment committee of the funds established by KRS § 16.505 to KRS § 16.652.
(5) Based upon market value at the time of purchase, the board shall limit the amount of assets managed by any one (1) active or passive investment manager to fifteen percent (15) of the assets in the pension and insurance funds.
Effective:April 1, 2021
History: Amended 2021 Ky. Acts ch. 102, sec. 75, effective April 1, 2021. — Amended 2010 Ky. Acts ch. 127, sec. 3, effective July 15, 2010; and ch. 173, sec. 2, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 36, sec. 5, effective July 13, 2004. — Amended 2003 Ky. Acts ch. 169, sec. 2, effective March 31, 2003. — Amended 1988 Ky. Acts ch. 349, sec. 4, effective July 15,
1988. — Amended 1976 Ky. Acts ch. 321, sec. 40. — Amended 1974 Ky. Acts ch. 128, sec. 10, effective March 26, 1974. — Amended 1972 Ky. Acts ch. 116, sec. 16. — Created 1966 Ky. Acts ch. 33, sec. 7.
Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs the Reviser of Statutes to adjust KRS references throughout the statutes to conform with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such an adjustment has been made in this statute.
(2) The board, through adopted written policies, shall maintain ownership and control over its assets held in its unitized managed custodial account.
Terms Used In Kentucky Statutes 16.642
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(3) The board, in keeping with its responsibility as trustee and wherever feasible, shall give priority to the investment of funds in obligations calculated to improve the industrial development and enhance the economic welfare of the Commonwealth.
(4) The investment committee established pursuant to KRS § 61.650 shall serve as the investment committee of the funds established by KRS § 16.505 to KRS § 16.652.
(5) Based upon market value at the time of purchase, the board shall limit the amount of assets managed by any one (1) active or passive investment manager to fifteen percent (15) of the assets in the pension and insurance funds.
Effective:April 1, 2021
History: Amended 2021 Ky. Acts ch. 102, sec. 75, effective April 1, 2021. — Amended 2010 Ky. Acts ch. 127, sec. 3, effective July 15, 2010; and ch. 173, sec. 2, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 36, sec. 5, effective July 13, 2004. — Amended 2003 Ky. Acts ch. 169, sec. 2, effective March 31, 2003. — Amended 1988 Ky. Acts ch. 349, sec. 4, effective July 15,
1988. — Amended 1976 Ky. Acts ch. 321, sec. 40. — Amended 1974 Ky. Acts ch. 128, sec. 10, effective March 26, 1974. — Amended 1972 Ky. Acts ch. 116, sec. 16. — Created 1966 Ky. Acts ch. 33, sec. 7.
Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs the Reviser of Statutes to adjust KRS references throughout the statutes to conform with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such an adjustment has been made in this statute.