Kentucky Statutes 164A.325 – Additional powers of board as to savings plan trust
Current as of: 2024 | Check for updates
|
Other versions
In addition to effectuating and carrying out all of the powers granted by KRS § 164A.300 to
164A.380, the board, as trustee, shall have all powers necessary to carry out and effectuate the purposes, objectives, and provisions of KRS § 164A.300 to KRS § 164A.380 pertaining to the savings plan trust, including, but not limited to, the power to:
(1) Engage investment advisors to assist in the investment of savings plan trust assets; (2) Carry out studies and projections in order to advise participants regarding present
and estimated future education costs and levels of financial participation in the trust
required in order to enable participants to achieve their educational funding objectives;
(3) Contract, in accordance with the provisions of KRS § 45A.345 to KRS § 45A.460 under KRS § 45A.343, for goods and services and engage personnel as necessary, including consultants, actuaries, managers, counsel, and auditors for the purpose of rendering professional, managerial, and technical assistance and advice, all of which contract obligations and services shall be payable from any moneys of the trust;
(4) Participate in any other way in any federal, state, or local governmental program for the benefit of the savings plan trust;
(5) Promulgate, impose, and collect administrative fees and charges in connection with transactions of the savings plan trust, and provide for reasonable service charges, including penalties for cancellations and late payments in respect of participation agreements;
(6) Procure insurance against any loss in connection with the property, assets or activities of the savings plan trust;
(7) Administer the funds of the savings plan trust;
(8) Procure insurance indemnifying any member of the board from personal loss or accountability arising from liability resulting from a member’s action or inaction as a member of the board; and
(9) Promulgate reasonable rules and regulations for the administration of the savings plan trust.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 137, sec. 3, effective July 14, 2018. — Amended
2000 Ky. Acts ch. 382, sec. 4, effective July 14, 2000. — Amended 1992 Ky. Acts ch.
190, sec. 6, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 321, sec. 10, effective July 13, 1990. — Created 1988 Ky. Acts ch. 88, sec. 6, effective July 15,
1988.
164A.380, the board, as trustee, shall have all powers necessary to carry out and effectuate the purposes, objectives, and provisions of KRS § 164A.300 to KRS § 164A.380 pertaining to the savings plan trust, including, but not limited to, the power to:
Terms Used In Kentucky Statutes 164A.325
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(1) Engage investment advisors to assist in the investment of savings plan trust assets; (2) Carry out studies and projections in order to advise participants regarding present
and estimated future education costs and levels of financial participation in the trust
required in order to enable participants to achieve their educational funding objectives;
(3) Contract, in accordance with the provisions of KRS § 45A.345 to KRS § 45A.460 under KRS § 45A.343, for goods and services and engage personnel as necessary, including consultants, actuaries, managers, counsel, and auditors for the purpose of rendering professional, managerial, and technical assistance and advice, all of which contract obligations and services shall be payable from any moneys of the trust;
(4) Participate in any other way in any federal, state, or local governmental program for the benefit of the savings plan trust;
(5) Promulgate, impose, and collect administrative fees and charges in connection with transactions of the savings plan trust, and provide for reasonable service charges, including penalties for cancellations and late payments in respect of participation agreements;
(6) Procure insurance against any loss in connection with the property, assets or activities of the savings plan trust;
(7) Administer the funds of the savings plan trust;
(8) Procure insurance indemnifying any member of the board from personal loss or accountability arising from liability resulting from a member’s action or inaction as a member of the board; and
(9) Promulgate reasonable rules and regulations for the administration of the savings plan trust.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 137, sec. 3, effective July 14, 2018. — Amended
2000 Ky. Acts ch. 382, sec. 4, effective July 14, 2000. — Amended 1992 Ky. Acts ch.
190, sec. 6, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 321, sec. 10, effective July 13, 1990. — Created 1988 Ky. Acts ch. 88, sec. 6, effective July 15,
1988.