Kentucky Statutes 61.515 – Retirement system established — Fund created
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There is hereby created and established:
(1) A retirement system for employees to be known as the “Kentucky Employees Retirement System” by and in which name it shall, pursuant to the provisions of KRS § 61.510 to KRS § 61.705, transact all its business and shall have the powers and privileges of a corporation; and
(2) (a) A fund, called the “Kentucky Employees Retirement Fund,” which shall consist of all the assets of the system as set forth in KRS § 61.570 to
61.585.
(b) All assets received in the fund shall be deemed trust funds to be held and applied solely as provided in KRS § 61.510 to KRS § 61.705.
(c) The assets in the fund shall be attributable to members participating in the Kentucky Employees Retirement System in both hazardous positions as defined in KRS § 61.592 and nonhazardous positions as defined in KRS
61.510, and when payment is made from the fund:
1. No assets attributable to members in hazardous positions shall be used to pay benefits to members in nonhazardous positions; and
2. No assets attributable to members in nonhazardous positions shall be used to pay benefits to members in hazardous positions.
Effective:April 14, 2022
History: Amended 2022 Ky. Acts ch. 216, sec. 4, effective April 14, 2022. — Amended 2004 Ky. Acts ch. 36, sec. 8, effective July 13, 2004. — Amended
1988 Ky. Acts ch. 349, sec. 8, effective July 15, 1988. — Amended 1976 Ky. Acts ch. 321, sec. 40. — Created 1956 Ky. Acts ch. 110, sec. 2.
(1) A retirement system for employees to be known as the “Kentucky Employees Retirement System” by and in which name it shall, pursuant to the provisions of KRS § 61.510 to KRS § 61.705, transact all its business and shall have the powers and privileges of a corporation; and
Terms Used In Kentucky Statutes 61.515
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(2) (a) A fund, called the “Kentucky Employees Retirement Fund,” which shall consist of all the assets of the system as set forth in KRS § 61.570 to
61.585.
(b) All assets received in the fund shall be deemed trust funds to be held and applied solely as provided in KRS § 61.510 to KRS § 61.705.
(c) The assets in the fund shall be attributable to members participating in the Kentucky Employees Retirement System in both hazardous positions as defined in KRS § 61.592 and nonhazardous positions as defined in KRS
61.510, and when payment is made from the fund:
1. No assets attributable to members in hazardous positions shall be used to pay benefits to members in nonhazardous positions; and
2. No assets attributable to members in nonhazardous positions shall be used to pay benefits to members in hazardous positions.
Effective:April 14, 2022
History: Amended 2022 Ky. Acts ch. 216, sec. 4, effective April 14, 2022. — Amended 2004 Ky. Acts ch. 36, sec. 8, effective July 13, 2004. — Amended
1988 Ky. Acts ch. 349, sec. 8, effective July 15, 1988. — Amended 1976 Ky. Acts ch. 321, sec. 40. — Created 1956 Ky. Acts ch. 110, sec. 2.