61.701 Kentucky Retirement Systems insurance trust fund -- Purpose --
Administration -- Participation, regulation, and termination.
(1) (a) There is hereby created and established a trust fund to be known as "Kentucky
Retirement Systems insurance trust fund." All assets received in the trust fund <br>shall be deemed trust funds to be held and applied solely as provided in this <br>section. Assets of the trust fund shall not be used for any other purpose and <br>shall not be used to pay the claims of creditors or any individual, person, or <br>employer participating in the Kentucky Employees Retirement System, <br>County Employees Retirement System, or State Police Retirement System.
(b) The trust fund is intended to be established as a trust exempt from taxation
under 26 U.S.C. sec. 115.
(2) The trust fund is created for the purpose of providing a trust separate from the
retirement funds. Trust fund assets are dedicated for use for health benefits as <br>provided in KRS 61.702, and as permitted under 26 U.S.C. secs. 105 and 106, to <br>retired recipients and employees of employers participating in the Kentucky <br>Employees Retirement System, County Employees Retirement System, and State <br>Police Retirement System, and to certain of their dependents or beneficiaries, <br>including but not limited to qualified beneficiaries as described in 42 U.S.C. secs. <br>300bb-1 et seq.
(3) The trust fund shall be administered by the board of trustees of the Kentucky
Retirement Systems and the board shall serve as trustees of the fund. The board <br>shall manage the assets of the fund in the same manner in which it administers the <br>retirement funds, except that separate accounting and financial reporting shall be <br>maintained for the trust fund.
(4) In addition to the requirements of subsection (2) of this section, the employers
participating in the trust fund are limited to the Commonwealth, political <br>subdivisions of the Commonwealth, and entities whose income is exempt from <br>taxation under 26 U.S.C. sec. 115. No other entity may participate in the trust fund.
(5) If the trust fund is terminated, the assets in the trust fund may revert, after the
payment of all liabilities, to the participating employers as determined by the board <br>of trustees.
(6) The board of trustees may adopt regulations and procedures and take all action
necessary and appropriate to provide that the income of the trust fund is exempt <br>from taxation under Title 26 of United States Code.
(7) The establishment of Kentucky Retirement Systems insurance trust fund shall not
diminish or expand the rights of any recipients, employees, or dependents to health <br>benefits.
Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 21, effective June 25, 2009. -- Amended
2004 Ky. Acts ch. 36, sec. 29, effective July 13, 2004. -- Amended 2002 Ky. Acts <br>ch. 52, sec. 15, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 385, sec. 27, <br>effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 351, sec. 1, effective July 15, <br>1998. -- Amended 1980 Ky. Acts ch. 97, sec. 3, effective July 15, 1980. -- Created <br>1978 Ky. Acts ch. 311, sec. 8, effective June 17, 1978.
61.701 Kentucky Retirement Systems insurance trust fund -- Purpose --
Administration -- Participation, regulation, and termination.
(1) (a) There is hereby created and established a trust fund to be known as "Kentucky
Retirement Systems insurance trust fund." All assets received in the trust fund <br>shall be deemed trust funds to be held and applied solely as provided in this <br>section. Assets of the trust fund shall not be used for any other purpose and <br>shall not be used to pay the claims of creditors or any individual, person, or <br>employer participating in the Kentucky Employees Retirement System, <br>County Employees Retirement System, or State Police Retirement System.
(b) The trust fund is intended to be established as a trust exempt from taxation
under 26 U.S.C. sec. 115.
(2) The trust fund is created for the purpose of providing a trust separate from the
retirement funds. Trust fund assets are dedicated for use for health benefits as <br>provided in KRS 61.702, and as permitted under 26 U.S.C. secs. 105 and 106, to <br>retired recipients and employees of employers participating in the Kentucky <br>Employees Retirement System, County Employees Retirement System, and State <br>Police Retirement System, and to certain of their dependents or beneficiaries, <br>including but not limited to qualified beneficiaries as described in 42 U.S.C. secs. <br>300bb-1 et seq.
(3) The trust fund shall be administered by the board of trustees of the Kentucky
Retirement Systems and the board shall serve as trustees of the fund. The board <br>shall manage the assets of the fund in the same manner in which it administers the <br>retirement funds, except that separate accounting and financial reporting shall be <br>maintained for the trust fund.
(4) In addition to the requirements of subsection (2) of this section, the employers
participating in the trust fund are limited to the Commonwealth, political <br>subdivisions of the Commonwealth, and entities whose income is exempt from <br>taxation under 26 U.S.C. sec. 115. No other entity may participate in the trust fund.
(5) If the trust fund is terminated, the assets in the trust fund may revert, after the
payment of all liabilities, to the participating employers as determined by the board <br>of trustees.
(6) The board of trustees may adopt regulations and procedures and take all action
necessary and appropriate to provide that the income of the trust fund is exempt <br>from taxation under Title 26 of United States Code.
(7) The establishment of Kentucky Retirement Systems insurance trust fund shall not
diminish or expand the rights of any recipients, employees, or dependents to health <br>benefits.
Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 21, effective June 25, 2009. -- Amended
2004 Ky. Acts ch. 36, sec. 29, effective July 13, 2004. -- Amended 2002 Ky. Acts <br>ch. 52, sec. 15, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 385, sec. 27, <br>effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 351, sec. 1, effective July 15, <br>1998. -- Amended 1980 Ky. Acts ch. 97, sec. 3, effective July 15, 1980. -- Created <br>1978 Ky. Acts ch. 311, sec. 8, effective June 17, 1978.
61.701 Kentucky Retirement Systems insurance trust fund -- Purpose --
Administration -- Participation, regulation, and termination.
(1) (a) There is hereby created and established a trust fund to be known as "Kentucky
Retirement Systems insurance trust fund." All assets received in the trust fund <br>shall be deemed trust funds to be held and applied solely as provided in this <br>section. Assets of the trust fund shall not be used for any other purpose and <br>shall not be used to pay the claims of creditors or any individual, person, or <br>employer participating in the Kentucky Employees Retirement System, <br>County Employees Retirement System, or State Police Retirement System.
(b) The trust fund is intended to be established as a trust exempt from taxation
under 26 U.S.C. sec. 115.
(2) The trust fund is created for the purpose of providing a trust separate from the
retirement funds. Trust fund assets are dedicated for use for health benefits as <br>provided in KRS 61.702, and as permitted under 26 U.S.C. secs. 105 and 106, to <br>retired recipients and employees of employers participating in the Kentucky <br>Employees Retirement System, County Employees Retirement System, and State <br>Police Retirement System, and to certain of their dependents or beneficiaries, <br>including but not limited to qualified beneficiaries as described in 42 U.S.C. secs. <br>300bb-1 et seq.
(3) The trust fund shall be administered by the board of trustees of the Kentucky
Retirement Systems and the board shall serve as trustees of the fund. The board <br>shall manage the assets of the fund in the same manner in which it administers the <br>retirement funds, except that separate accounting and financial reporting shall be <br>maintained for the trust fund.
(4) In addition to the requirements of subsection (2) of this section, the employers
participating in the trust fund are limited to the Commonwealth, political <br>subdivisions of the Commonwealth, and entities whose income is exempt from <br>taxation under 26 U.S.C. sec. 115. No other entity may participate in the trust fund.
(5) If the trust fund is terminated, the assets in the trust fund may revert, after the
payment of all liabilities, to the participating employers as determined by the board <br>of trustees.
(6) The board of trustees may adopt regulations and procedures and take all action
necessary and appropriate to provide that the income of the trust fund is exempt <br>from taxation under Title 26 of United States Code.
(7) The establishment of Kentucky Retirement Systems insurance trust fund shall not
diminish or expand the rights of any recipients, employees, or dependents to health <br>benefits.
Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 21, effective June 25, 2009. -- Amended
2004 Ky. Acts ch. 36, sec. 29, effective July 13, 2004. -- Amended 2002 Ky. Acts <br>ch. 52, sec. 15, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 385, sec. 27, <br>effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 351, sec. 1, effective July 15, <br>1998. -- Amended 1980 Ky. Acts ch. 97, sec. 3, effective July 15, 1980. -- Created <br>1978 Ky. Acts ch. 311, sec. 8, effective June 17, 1978.
