Kentucky Statutes 18A.230 – Definitions
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As used in KRS § 18A.230 to KRS § 18A.275, unless the context requires otherwise:
(1) “Employee” means a person holding an office, position or employment in state government and agencies thereof and also includes persons in the public school system;
(2) “Income” means earnings of a person while an employee of the state and agencies thereof or public school system;
(3) “Asset” means any owned physical object or right having a monetary value;
(4) “Trust fund” means a fund consisting of assets received and held by a government unit or its designated custodian to be expended or invested in accordance with conditions of the trust;
(5) “Deferred compensation” means a method which allows employees to authorize income to be deducted from their current earning and set aside to be paid at a later date;
(6) “Board” means the board of trustees as established by KRS § 18A.245;
(7) “Authority” means the Kentucky Public Employees’ Deferred Compensation
Authority; and
(8) “Financial planning” means the process of determining whether and how a participant can meet retirement goals through the proper management of financial resources.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 111, sec. 1, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 122, sec. 1, effective July 15, 2010. — Repealed, reenacted, and amended as KRS § 18A.230, 1982 Ky. Acts ch. 448, sec. 46, effective July 15, 1982. — Created 1974 Ky. Acts ch. 143, sec. 2.
Formerly codified as KRS § 18.510.
(1) “Employee” means a person holding an office, position or employment in state government and agencies thereof and also includes persons in the public school system;
Terms Used In Kentucky Statutes 18A.230
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Personnel Board created by KRS §. See Kentucky Statutes 18A.005
- Employee: means a person regularly appointed to a position in the state service for which he or she is compensated on a full-time, part-time, or interim basis. See Kentucky Statutes 18A.005
- Position: means an office or employment in an agency (whether part-time, full- time, or interim, occupied, or vacant) involving duties requiring the services of one (1) person. See Kentucky Statutes 18A.005
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) “Income” means earnings of a person while an employee of the state and agencies thereof or public school system;
(3) “Asset” means any owned physical object or right having a monetary value;
(4) “Trust fund” means a fund consisting of assets received and held by a government unit or its designated custodian to be expended or invested in accordance with conditions of the trust;
(5) “Deferred compensation” means a method which allows employees to authorize income to be deducted from their current earning and set aside to be paid at a later date;
(6) “Board” means the board of trustees as established by KRS § 18A.245;
(7) “Authority” means the Kentucky Public Employees’ Deferred Compensation
Authority; and
(8) “Financial planning” means the process of determining whether and how a participant can meet retirement goals through the proper management of financial resources.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 111, sec. 1, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 122, sec. 1, effective July 15, 2010. — Repealed, reenacted, and amended as KRS § 18A.230, 1982 Ky. Acts ch. 448, sec. 46, effective July 15, 1982. — Created 1974 Ky. Acts ch. 143, sec. 2.
Formerly codified as KRS § 18.510.