Kentucky Statutes 78.520 – Retirement system established — Fund created
Current as of: 2024 | Check for updates
|
Other versions
There is hereby created and established:
(1) A retirement system for employees to be known as the “County Employees Retirement System” by and in which name it shall, pursuant to the provisions of KRS § 78.510 to KRS § 78.852, transact all of its business and shall have the powers and privileges of a corporation; and
(2) (a) A fund, called the “County Employees Retirement Fund,” which shall consist of all the assets of the system as set forth in KRS § 78.510 to
78.852.
(b) All assets received in the fund shall be deemed trust funds to be held and applied solely as provided in KRS § 78.510 to KRS § 78.852.
(c) The assets in the fund shall be attributable to members participating in the County Employees Retirement System in both hazardous positions as defined in KRS § 78.510 and nonhazardous positions as defined in KRS
78.510, 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. 19, effective April 14, 2022. — Amended 2004 Ky. Acts ch. 36, sec. 32, effective July 13, 2004. — Created 1958
Ky. Acts ch. 167, sec. 2.
(1) A retirement system for employees to be known as the “County Employees Retirement System” by and in which name it shall, pursuant to the provisions of KRS § 78.510 to KRS § 78.852, transact all of its business and shall have the powers and privileges of a corporation; and
Terms Used In Kentucky Statutes 78.520
- 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 “County Employees Retirement Fund,” which shall consist of all the assets of the system as set forth in KRS § 78.510 to
78.852.
(b) All assets received in the fund shall be deemed trust funds to be held and applied solely as provided in KRS § 78.510 to KRS § 78.852.
(c) The assets in the fund shall be attributable to members participating in the County Employees Retirement System in both hazardous positions as defined in KRS § 78.510 and nonhazardous positions as defined in KRS
78.510, 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. 19, effective April 14, 2022. — Amended 2004 Ky. Acts ch. 36, sec. 32, effective July 13, 2004. — Created 1958
Ky. Acts ch. 167, sec. 2.