State Codes and Statutes

Statutes > Kentucky > 095-00 > 905

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95.905 Governing board of fund -- Membership. The fund shall be governed by a board created in the following manner: <br>(1) A temporary council, comprised of the executive director of the Kentucky Municipal League or his designee, the president of the Fraternal Order of Police or <br>his designee, and the president of the Associated Professional Firefighters or his <br>designee shall exist for the purpose of receiving appointments to the board, <br>establishing a date for receipt of moneys into the fund, and scheduling the first <br>meeting of the board. Organizations or entities authorized to make appointments to <br>the board shall submit those appointments to the temporary council. The temporary <br>council shall cease to exist when the board has met and selected a chairman. (2) Two (2) board members shall be appointed by the Kentucky State Lodge, Fraternal Order of Police, from among policemen whose local government pension systems <br>have pledged to invest assets in the fund on the date established by the temporary <br>council. (3) Two (2) board members shall be appointed by the Associated Professional Firefighters from among firefighters whose local government pension systems have <br>pledged to invest assets in the fund on the date established by the temporary <br>council. (4) Two (2) board members shall be appointed by the Kentucky Municipal League from among elected city officials or appointed city administrators whose city pension <br>systems have pledged to invest assets in the fund on the date established by the <br>temporary council. (5) Two (2) board members shall be appointed from among employees whose city pension systems for nonuniformed employees have pledged to invest assets in the <br>fund on the date established by the temporary council. The participants in this <br>category shall consult among themselves to select their two (2) board members. <br>Should there be only one (1) participant in this category, only one (1) member shall <br>be appointed. (6) One (1) board member shall be appointed by the board within three (3) months of the first board meeting from among persons who have demonstrated competence in <br>a fiduciary capacity. (7) In addition, any participant which has invested or pledged to invest at least two hundred thousand dollars (&#36;200,000) in the fund, or fifteen (15) percent of the total <br>assets of the fund, whichever is greater shall appoint one (1) board member from <br>among its employees covered by the pension system, but no participant shall <br>appoint a member under the provisions of this subsection if a member from the city <br>of the participant has already been appointed under the provisions of subsection (2), <br>(3), (4), or (5) of this section. Initial appointments pursuant to this subsection shall <br>be effective upon the date when the board first meets. Appointments made pursuant <br>to this subsection shall be reviewed on June 30 of each succeeding year, at which <br>time new appointments shall be made and old appointments terminated as required <br>by the criteria of this subsection. Effective: July 15, 1980 History: Created 1980 Ky. Acts ch. 307, sec. 4, effective July 15, 1980.

State Codes and Statutes

Statutes > Kentucky > 095-00 > 905

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95.905 Governing board of fund -- Membership. The fund shall be governed by a board created in the following manner: <br>(1) A temporary council, comprised of the executive director of the Kentucky Municipal League or his designee, the president of the Fraternal Order of Police or <br>his designee, and the president of the Associated Professional Firefighters or his <br>designee shall exist for the purpose of receiving appointments to the board, <br>establishing a date for receipt of moneys into the fund, and scheduling the first <br>meeting of the board. Organizations or entities authorized to make appointments to <br>the board shall submit those appointments to the temporary council. The temporary <br>council shall cease to exist when the board has met and selected a chairman. (2) Two (2) board members shall be appointed by the Kentucky State Lodge, Fraternal Order of Police, from among policemen whose local government pension systems <br>have pledged to invest assets in the fund on the date established by the temporary <br>council. (3) Two (2) board members shall be appointed by the Associated Professional Firefighters from among firefighters whose local government pension systems have <br>pledged to invest assets in the fund on the date established by the temporary <br>council. (4) Two (2) board members shall be appointed by the Kentucky Municipal League from among elected city officials or appointed city administrators whose city pension <br>systems have pledged to invest assets in the fund on the date established by the <br>temporary council. (5) Two (2) board members shall be appointed from among employees whose city pension systems for nonuniformed employees have pledged to invest assets in the <br>fund on the date established by the temporary council. The participants in this <br>category shall consult among themselves to select their two (2) board members. <br>Should there be only one (1) participant in this category, only one (1) member shall <br>be appointed. (6) One (1) board member shall be appointed by the board within three (3) months of the first board meeting from among persons who have demonstrated competence in <br>a fiduciary capacity. (7) In addition, any participant which has invested or pledged to invest at least two hundred thousand dollars (&#36;200,000) in the fund, or fifteen (15) percent of the total <br>assets of the fund, whichever is greater shall appoint one (1) board member from <br>among its employees covered by the pension system, but no participant shall <br>appoint a member under the provisions of this subsection if a member from the city <br>of the participant has already been appointed under the provisions of subsection (2), <br>(3), (4), or (5) of this section. Initial appointments pursuant to this subsection shall <br>be effective upon the date when the board first meets. Appointments made pursuant <br>to this subsection shall be reviewed on June 30 of each succeeding year, at which <br>time new appointments shall be made and old appointments terminated as required <br>by the criteria of this subsection. Effective: July 15, 1980 History: Created 1980 Ky. Acts ch. 307, sec. 4, effective July 15, 1980.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 095-00 > 905

Download pdf
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95.905 Governing board of fund -- Membership. The fund shall be governed by a board created in the following manner: <br>(1) A temporary council, comprised of the executive director of the Kentucky Municipal League or his designee, the president of the Fraternal Order of Police or <br>his designee, and the president of the Associated Professional Firefighters or his <br>designee shall exist for the purpose of receiving appointments to the board, <br>establishing a date for receipt of moneys into the fund, and scheduling the first <br>meeting of the board. Organizations or entities authorized to make appointments to <br>the board shall submit those appointments to the temporary council. The temporary <br>council shall cease to exist when the board has met and selected a chairman. (2) Two (2) board members shall be appointed by the Kentucky State Lodge, Fraternal Order of Police, from among policemen whose local government pension systems <br>have pledged to invest assets in the fund on the date established by the temporary <br>council. (3) Two (2) board members shall be appointed by the Associated Professional Firefighters from among firefighters whose local government pension systems have <br>pledged to invest assets in the fund on the date established by the temporary <br>council. (4) Two (2) board members shall be appointed by the Kentucky Municipal League from among elected city officials or appointed city administrators whose city pension <br>systems have pledged to invest assets in the fund on the date established by the <br>temporary council. (5) Two (2) board members shall be appointed from among employees whose city pension systems for nonuniformed employees have pledged to invest assets in the <br>fund on the date established by the temporary council. The participants in this <br>category shall consult among themselves to select their two (2) board members. <br>Should there be only one (1) participant in this category, only one (1) member shall <br>be appointed. (6) One (1) board member shall be appointed by the board within three (3) months of the first board meeting from among persons who have demonstrated competence in <br>a fiduciary capacity. (7) In addition, any participant which has invested or pledged to invest at least two hundred thousand dollars (&#36;200,000) in the fund, or fifteen (15) percent of the total <br>assets of the fund, whichever is greater shall appoint one (1) board member from <br>among its employees covered by the pension system, but no participant shall <br>appoint a member under the provisions of this subsection if a member from the city <br>of the participant has already been appointed under the provisions of subsection (2), <br>(3), (4), or (5) of this section. Initial appointments pursuant to this subsection shall <br>be effective upon the date when the board first meets. Appointments made pursuant <br>to this subsection shall be reviewed on June 30 of each succeeding year, at which <br>time new appointments shall be made and old appointments terminated as required <br>by the criteria of this subsection. Effective: July 15, 1980 History: Created 1980 Ky. Acts ch. 307, sec. 4, effective July 15, 1980.