78.780 Administration of systems by board of trustees of state system. (1) The government and control of the system is vested in the board of trustees of the Kentucky Retirement Systems. The board shall carry out the provisions of KRS 78.510 to 78.852 in the same manner in which it administers the Kentucky Employees Retirement System. In all matters concerning the administration of KRS 78.510 to 78.852, the same rights, duties, and obligations shall apply to the board as apply under the provisions of KRS 61.510 to 61.705, except that members of the board, when acting for the County Employees Retirement System, shall be paid a per diem of eighty dollars ($80), plus actual expenses. (2) Expenses incurred by or on behalf of the system and the board in the administration of the system during a fiscal year shall be paid from the retirement allowance account. Any other statute to the contrary notwithstanding, authorization for all expenditures relating to the administrative operations of the system, including investment related expenditures, shall be contained in the biennial budget unit request, branch budget recommendation, and the financial plan adopted by the General Assembly pursuant to KRS Chapter 48. Nothing herein shall be construed as limiting appropriations which may be made to the system from other sources. Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 385, sec. 38, effective July 14, 2000. -- Amended 1992 Ky. Acts ch. 240, sec. 61, effective July 14, 1992. -- Amended 1990 Ky. Acts ch. 489, sec. 7, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 349, sec. 39, effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 186, sec. 23, effective July 15, 1980. -- Amended 1976 Ky. Acts ch. 321, secs. 37 and 40. -- Amended 1972 Ky. Acts ch. 116, sec. 71. -- Amended 1962 Ky. Acts ch. 31, sec. 22. -- Amended 1960 Ky. Acts ch. 165, Pt. III, sec. 2. -- Created 1958 Ky. Acts ch. 167, sec. 28. Legislative Research Commission Note. Although this section is included in Acts 1980, ch. 186, the proposed change was deleted by committee amendment.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.