Kentucky Statutes 230.375 – Kentucky Race Track Retirement Plan
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(1) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., may create and fund the Kentucky Race Track Retirement Plan. The board shall use no more than twenty-five percent (25%) of the annual sum paid by the racing commission under KRS § 230.361 to KRS § 230.373 to fund the plan.
(2) The plan shall be provided for the benefit of Thoroughbred trainers, assistant trainers, exercise riders, grooms, stable attendants, and other stable employees who can demonstrate that they are not otherwise eligible to participate in any other private or public, nonself-funded retirement or pension plan.
(3) The Kentucky Race Track Retirement Plan shall be administered by the board of directors of the Kentucky Racing Health and Welfare Fund, Inc., for the charitable and benevolent purposes set forth in KRS § 230.374, and no part of the sums administered by the fund for the plan or any net earnings of the plan shall inure to the benefit of any private individual, director, officer, or member of the fund, or any of the persons who paid sums to the racing commission under the provisions of KRS § 230.361 to KRS § 230.373.
(4) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., shall be the trustee of the plan’s funds and shall have full power to invest and reinvest funds. Investments shall be diversified to balance the risks associated with various investment options to maintain the long-term solvency of the plan. The board shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the investments in which any of the plan’s funds have been invested, as well as of the proceeds of investments belonging to the plan. The board members or any investment manager shall discharge their duties with respect to the assets of the plan solely in the interest of the plan’s members and:
(a) For the exclusive purposes of providing benefits to plan members and their beneficiaries and defraying reasonable expenses of administering the plan;
(b) With the care, skill, prudence, and diligence under the circumstances that a prudent person acting in a like capacity and familiar with these matters would use in the conduct of an enterprise of a like character and with like aims; and
(c) In accordance with any other laws or instruments governing the administration of the plan’s funds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 474, effective July 15, 2010. — Amended
2004 Ky. Acts ch. 191, sec. 30, effective July 13, 2004. — Created 2000 Ky. Acts ch.
447, sec. 3, effective July 14, 2000.
(2) The plan shall be provided for the benefit of Thoroughbred trainers, assistant trainers, exercise riders, grooms, stable attendants, and other stable employees who can demonstrate that they are not otherwise eligible to participate in any other private or public, nonself-funded retirement or pension plan.
Terms Used In Kentucky Statutes 230.375
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Racing commission: means the Kentucky Horse Racing Commission. See Kentucky Statutes 230.210
- Trustee: A person or institution holding and administering property in trust.
(3) The Kentucky Race Track Retirement Plan shall be administered by the board of directors of the Kentucky Racing Health and Welfare Fund, Inc., for the charitable and benevolent purposes set forth in KRS § 230.374, and no part of the sums administered by the fund for the plan or any net earnings of the plan shall inure to the benefit of any private individual, director, officer, or member of the fund, or any of the persons who paid sums to the racing commission under the provisions of KRS § 230.361 to KRS § 230.373.
(4) The board of directors of the Kentucky Racing Health and Welfare Fund, Inc., shall be the trustee of the plan’s funds and shall have full power to invest and reinvest funds. Investments shall be diversified to balance the risks associated with various investment options to maintain the long-term solvency of the plan. The board shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the investments in which any of the plan’s funds have been invested, as well as of the proceeds of investments belonging to the plan. The board members or any investment manager shall discharge their duties with respect to the assets of the plan solely in the interest of the plan’s members and:
(a) For the exclusive purposes of providing benefits to plan members and their beneficiaries and defraying reasonable expenses of administering the plan;
(b) With the care, skill, prudence, and diligence under the circumstances that a prudent person acting in a like capacity and familiar with these matters would use in the conduct of an enterprise of a like character and with like aims; and
(c) In accordance with any other laws or instruments governing the administration of the plan’s funds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 474, effective July 15, 2010. — Amended
2004 Ky. Acts ch. 191, sec. 30, effective July 13, 2004. — Created 2000 Ky. Acts ch.
447, sec. 3, effective July 14, 2000.