78.790 Board trustee of funds -- Investments -- Registration of securities --
Investment committee of funds -- Cap on amount of assets managed by any one <br>investment manager.
(1) The board shall be the trustee of the several funds created by KRS 78.510 to 78.852,
and shall have full power to invest and reinvest such funds subject to the limitations <br>that no investments shall be made except upon the exercise of bona fide discretion, <br>in securities which, at the time of making the investment, are, by law, permitted for <br>the investment of funds by fiduciaries in this state except that the board may, at its <br>discretion, purchase common stocks in corporations that do not have a record of <br>paying dividends to their stockholders. Subject to such limitations, the board shall <br>have full power to hold, purchase, sell, assign, transfer or dispose of any of the <br>securities or investments in which any of the funds created herein have been <br>invested, as well as of the proceeds of such investments and any moneys belonging <br>to such funds.
(2) All securities acquired under the authority of KRS 78.510 to 78.852 shall be
registered in the name Kentucky Retirement Systems or nominee name as provided <br>by KRS 286.3-225 and every change in registration, by reason of sale or assignment <br>of such securities, shall be accomplished pursuant to written policies adopted by the <br>board.
(3) The board, in keeping with its responsibility as the trustee and wherever feasible,
shall give priority to the investment of funds in obligations calculated to improve <br>the industrial development and enhance the economic welfare of the <br>Commonwealth.
(4) The investment committee established pursuant to KRS 61.650 shall serve as the
investment committee of the funds established by KRS 78.510 to 78.852.
(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 <br>percent (15%) of the assets in the pension and insurance funds.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 127, sec. 4, effective July 15, 2010; and ch. 173,
sec. 10, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 36, sec. 35, effective <br>July 13, 2004. -- Amended 2003 Ky. Acts ch. 169, sec. 14, effective March 31, 2003. <br>-- Amended 1988 Ky. Acts ch. 349, sec. 40, effective July 15, 1988. -- Amended <br>1976 Ky. Acts ch. 321, sec. 40. -- Amended 1974 Ky. Acts ch. 128, sec. 35, effective <br>March 26, 1974. -- Amended 1972 Ky. Acts ch. 116, sec. 72. -- Amended 1966 Ky. <br>Acts ch. 34, sec. 13. -- Amended 1960 Ky. Acts ch. 165, Pt. III, sec. 3. -- Created <br>1958 Ky. Acts ch. 167, sec. 29.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 127 and 173, which do not appear to be in conflict and have been <br>codified together.
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 <br>with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such <br>an adjustment has been made in this statute.
78.790 Board trustee of funds -- Investments -- Registration of securities --
Investment committee of funds -- Cap on amount of assets managed by any one <br>investment manager.
(1) The board shall be the trustee of the several funds created by KRS 78.510 to 78.852,
and shall have full power to invest and reinvest such funds subject to the limitations <br>that no investments shall be made except upon the exercise of bona fide discretion, <br>in securities which, at the time of making the investment, are, by law, permitted for <br>the investment of funds by fiduciaries in this state except that the board may, at its <br>discretion, purchase common stocks in corporations that do not have a record of <br>paying dividends to their stockholders. Subject to such limitations, the board shall <br>have full power to hold, purchase, sell, assign, transfer or dispose of any of the <br>securities or investments in which any of the funds created herein have been <br>invested, as well as of the proceeds of such investments and any moneys belonging <br>to such funds.
(2) All securities acquired under the authority of KRS 78.510 to 78.852 shall be
registered in the name Kentucky Retirement Systems or nominee name as provided <br>by KRS 286.3-225 and every change in registration, by reason of sale or assignment <br>of such securities, shall be accomplished pursuant to written policies adopted by the <br>board.
(3) The board, in keeping with its responsibility as the trustee and wherever feasible,
shall give priority to the investment of funds in obligations calculated to improve <br>the industrial development and enhance the economic welfare of the <br>Commonwealth.
(4) The investment committee established pursuant to KRS 61.650 shall serve as the
investment committee of the funds established by KRS 78.510 to 78.852.
(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 <br>percent (15%) of the assets in the pension and insurance funds.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 127, sec. 4, effective July 15, 2010; and ch. 173,
sec. 10, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 36, sec. 35, effective <br>July 13, 2004. -- Amended 2003 Ky. Acts ch. 169, sec. 14, effective March 31, 2003. <br>-- Amended 1988 Ky. Acts ch. 349, sec. 40, effective July 15, 1988. -- Amended <br>1976 Ky. Acts ch. 321, sec. 40. -- Amended 1974 Ky. Acts ch. 128, sec. 35, effective <br>March 26, 1974. -- Amended 1972 Ky. Acts ch. 116, sec. 72. -- Amended 1966 Ky. <br>Acts ch. 34, sec. 13. -- Amended 1960 Ky. Acts ch. 165, Pt. III, sec. 3. -- Created <br>1958 Ky. Acts ch. 167, sec. 29.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 127 and 173, which do not appear to be in conflict and have been <br>codified together.
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 <br>with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such <br>an adjustment has been made in this statute.
78.790 Board trustee of funds -- Investments -- Registration of securities --
Investment committee of funds -- Cap on amount of assets managed by any one <br>investment manager.
(1) The board shall be the trustee of the several funds created by KRS 78.510 to 78.852,
and shall have full power to invest and reinvest such funds subject to the limitations <br>that no investments shall be made except upon the exercise of bona fide discretion, <br>in securities which, at the time of making the investment, are, by law, permitted for <br>the investment of funds by fiduciaries in this state except that the board may, at its <br>discretion, purchase common stocks in corporations that do not have a record of <br>paying dividends to their stockholders. Subject to such limitations, the board shall <br>have full power to hold, purchase, sell, assign, transfer or dispose of any of the <br>securities or investments in which any of the funds created herein have been <br>invested, as well as of the proceeds of such investments and any moneys belonging <br>to such funds.
(2) All securities acquired under the authority of KRS 78.510 to 78.852 shall be
registered in the name Kentucky Retirement Systems or nominee name as provided <br>by KRS 286.3-225 and every change in registration, by reason of sale or assignment <br>of such securities, shall be accomplished pursuant to written policies adopted by the <br>board.
(3) The board, in keeping with its responsibility as the trustee and wherever feasible,
shall give priority to the investment of funds in obligations calculated to improve <br>the industrial development and enhance the economic welfare of the <br>Commonwealth.
(4) The investment committee established pursuant to KRS 61.650 shall serve as the
investment committee of the funds established by KRS 78.510 to 78.852.
(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 <br>percent (15%) of the assets in the pension and insurance funds.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 127, sec. 4, effective July 15, 2010; and ch. 173,
sec. 10, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 36, sec. 35, effective <br>July 13, 2004. -- Amended 2003 Ky. Acts ch. 169, sec. 14, effective March 31, 2003. <br>-- Amended 1988 Ky. Acts ch. 349, sec. 40, effective July 15, 1988. -- Amended <br>1976 Ky. Acts ch. 321, sec. 40. -- Amended 1974 Ky. Acts ch. 128, sec. 35, effective <br>March 26, 1974. -- Amended 1972 Ky. Acts ch. 116, sec. 72. -- Amended 1966 Ky. <br>Acts ch. 34, sec. 13. -- Amended 1960 Ky. Acts ch. 165, Pt. III, sec. 3. -- Created <br>1958 Ky. Acts ch. 167, sec. 29.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 127 and 173, which do not appear to be in conflict and have been <br>codified together.
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 <br>with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such <br>an adjustment has been made in this statute.
