At the end of each fiscal year the board of trustees shall assign from the guarantee fund interest at the regular interest rate to the teachers’ savings fund, the state accumulation fund, and the allowance reserve fund. The amounts so allowed shall be due and payable to the funds and shall be annually credited thereto by the board of trustees from interest and other earnings on money of the retirement system.
Effective: June 27, 2008

Terms Used In Kentucky Statutes 161.440

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 33, effective June 27,
2008. — Amended 2002 Ky. Acts ch. 275, sec. 10, effective July 1, 2002. — Amended
1990 Ky. Acts ch. 442, sec. 3, effective July 1, 1990; and ch. 476, Pt. V, sec. 500, effective July 13, 1990. — Amended 1984 Ky. Acts ch. 253, sec. 8, effective July 1,
1984. — Amended 1964 Ky. Acts ch. 43, sec. 6. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-23.
Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to Section 653(1) of Acts Ch. 476.

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