Page 1 of 1
67A.550 Duties of board.
In addition to other duties provided in KRS 67A.360 to 67A.690, the board shall: <br>(1) Establish and maintain an office in the facilities provided by the government for the
meetings of the board and the keeping of the books, accounts, and records of the <br>fund; hold regular meetings monthly, and such special meetings as may be deemed <br>necessary; and keep a full record of all of its proceedings, which shall be open to <br>inspection by the public;
(2) Provide for the installation of a system of accounts and records that will give full
effect to the requirements of KRS 67A.360 to 67A.690; adopt all necessary <br>actuarial tables to be used in the operation of the fund; and provide for the <br>compilation of such statistical and financial data as may be required for actuarial <br>valuations, periodic surveys, and calculations;
(3) Obtain such information from the participating members and the government as
shall be necessary for the proper operation of the fund;
(4) Consider and pass upon all applications for annuities, benefits, refunds and other
payments, and authorize the expenditure for such purposes, in accordance with the <br>provisions hereof. The board shall have authority to promulgate such rules and <br>regulations, not inconsistent with the provisions of KRS 67A.360 to 67A.690, <br>necessary for the proper determination of all claims before it;
(5) Accept any gift, grant, or bequest of any money or property of any kind, for the
purposes designated by the grantor if such purposes are specified as providing cash <br>benefits to some or all of the members or annuitants of the fund; if no such purposes <br>are designated, the same shall be credited to the account representing income from <br>investments; and
(6) Have the accounts of the fund audited in accordance with Government Auditing
Standards, issued by the Comptroller General of the United States, as of the end of <br>each fiscal year, by a competent accountant, and submit the audit report to the <br>government with other financial or statistical data as are necessary for a proper <br>interpretation of the condition of the fund and the results of its operations. The <br>board shall also cause to be published for distribution among the members a <br>synopsis of such report.
Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 311, sec. 2, effective July 15, 1996. -- Created
1974 Ky. Acts ch. 106, sec. 20, effective July 1, 1974.
Page 1 of 1
67A.550 Duties of board.
In addition to other duties provided in KRS 67A.360 to 67A.690, the board shall: <br>(1) Establish and maintain an office in the facilities provided by the government for the
meetings of the board and the keeping of the books, accounts, and records of the <br>fund; hold regular meetings monthly, and such special meetings as may be deemed <br>necessary; and keep a full record of all of its proceedings, which shall be open to <br>inspection by the public;
(2) Provide for the installation of a system of accounts and records that will give full
effect to the requirements of KRS 67A.360 to 67A.690; adopt all necessary <br>actuarial tables to be used in the operation of the fund; and provide for the <br>compilation of such statistical and financial data as may be required for actuarial <br>valuations, periodic surveys, and calculations;
(3) Obtain such information from the participating members and the government as
shall be necessary for the proper operation of the fund;
(4) Consider and pass upon all applications for annuities, benefits, refunds and other
payments, and authorize the expenditure for such purposes, in accordance with the <br>provisions hereof. The board shall have authority to promulgate such rules and <br>regulations, not inconsistent with the provisions of KRS 67A.360 to 67A.690, <br>necessary for the proper determination of all claims before it;
(5) Accept any gift, grant, or bequest of any money or property of any kind, for the
purposes designated by the grantor if such purposes are specified as providing cash <br>benefits to some or all of the members or annuitants of the fund; if no such purposes <br>are designated, the same shall be credited to the account representing income from <br>investments; and
(6) Have the accounts of the fund audited in accordance with Government Auditing
Standards, issued by the Comptroller General of the United States, as of the end of <br>each fiscal year, by a competent accountant, and submit the audit report to the <br>government with other financial or statistical data as are necessary for a proper <br>interpretation of the condition of the fund and the results of its operations. The <br>board shall also cause to be published for distribution among the members a <br>synopsis of such report.
Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 311, sec. 2, effective July 15, 1996. -- Created
1974 Ky. Acts ch. 106, sec. 20, effective July 1, 1974.
Page 1 of 1
67A.550 Duties of board.
In addition to other duties provided in KRS 67A.360 to 67A.690, the board shall: <br>(1) Establish and maintain an office in the facilities provided by the government for the
meetings of the board and the keeping of the books, accounts, and records of the <br>fund; hold regular meetings monthly, and such special meetings as may be deemed <br>necessary; and keep a full record of all of its proceedings, which shall be open to <br>inspection by the public;
(2) Provide for the installation of a system of accounts and records that will give full
effect to the requirements of KRS 67A.360 to 67A.690; adopt all necessary <br>actuarial tables to be used in the operation of the fund; and provide for the <br>compilation of such statistical and financial data as may be required for actuarial <br>valuations, periodic surveys, and calculations;
(3) Obtain such information from the participating members and the government as
shall be necessary for the proper operation of the fund;
(4) Consider and pass upon all applications for annuities, benefits, refunds and other
payments, and authorize the expenditure for such purposes, in accordance with the <br>provisions hereof. The board shall have authority to promulgate such rules and <br>regulations, not inconsistent with the provisions of KRS 67A.360 to 67A.690, <br>necessary for the proper determination of all claims before it;
(5) Accept any gift, grant, or bequest of any money or property of any kind, for the
purposes designated by the grantor if such purposes are specified as providing cash <br>benefits to some or all of the members or annuitants of the fund; if no such purposes <br>are designated, the same shall be credited to the account representing income from <br>investments; and
(6) Have the accounts of the fund audited in accordance with Government Auditing
Standards, issued by the Comptroller General of the United States, as of the end of <br>each fiscal year, by a competent accountant, and submit the audit report to the <br>government with other financial or statistical data as are necessary for a proper <br>interpretation of the condition of the fund and the results of its operations. The <br>board shall also cause to be published for distribution among the members a <br>synopsis of such report.
Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 311, sec. 2, effective July 15, 1996. -- Created
1974 Ky. Acts ch. 106, sec. 20, effective July 1, 1974.
