Kentucky Statutes 42.205 – Permanent pension fund
Current as of: 2024 | Check for updates
|
Other versions
(1) There is hereby established within the Finance and Administration Cabinet the Kentucky permanent pension fund for the purpose of addressing the Commonwealth’s unfunded pension liabilities. The proceeds contained in this fund shall be used only for contributions to the Commonwealth’s pension funds.
(2) The fund may receive:
(a) State appropriations;
(b) The net proceeds from the sale of real property owned by the Commonwealth or any agency thereof; and
(c) Any settlements or judgments resulting from litigation in which the Commonwealth or any of its agencies is a party, after costs of litigation and mandatory deductions or restitution to consumers have been deducted.
(3) Any unallotted or unencumbered balances in the fund shall be invested pursuant to
KRS § 42.500.
(4) Income earned from the investments shall be credited to and become part of the fund.
(5) Notwithstanding KRS § 45.229, any fund balance at the close of the fiscal year shall not lapse but shall be carried forward to the next fiscal year. All amounts in the fund shall remain in the fund and shall not be expended or appropriated without the express authority in an enacted biennial budget bill.
Effective: July 15, 2016
History: Created 2016 Ky. Acts ch. 133, sec. 8, effective July 15, 2016.
2020-2022 Budget Reference. See State/Executive Branch Budget, 2020 Ky. Acts ch.
92, Pt. V, D, 2 at 940.
(2) The fund may receive:
Terms Used In Kentucky Statutes 42.205
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(a) State appropriations;
(b) The net proceeds from the sale of real property owned by the Commonwealth or any agency thereof; and
(c) Any settlements or judgments resulting from litigation in which the Commonwealth or any of its agencies is a party, after costs of litigation and mandatory deductions or restitution to consumers have been deducted.
(3) Any unallotted or unencumbered balances in the fund shall be invested pursuant to
KRS § 42.500.
(4) Income earned from the investments shall be credited to and become part of the fund.
(5) Notwithstanding KRS § 45.229, any fund balance at the close of the fiscal year shall not lapse but shall be carried forward to the next fiscal year. All amounts in the fund shall remain in the fund and shall not be expended or appropriated without the express authority in an enacted biennial budget bill.
Effective: July 15, 2016
History: Created 2016 Ky. Acts ch. 133, sec. 8, effective July 15, 2016.
2020-2022 Budget Reference. See State/Executive Branch Budget, 2020 Ky. Acts ch.
92, Pt. V, D, 2 at 940.