95.915 Qualified investment managers -- Appointment -- Duties. The board shall employ one (1) or more qualified investment managers, who shall invest and reinvest the assets of the fund. The qualified investment managers may make any investments which are allowed, at the time of making the investment, to fiduciaries in this state, except that the board may at its discretion authorize the qualified investment managers to purchase common stocks in corporations that do not have a record of paying dividends to their stockholders. Qualified investment managers operating pursuant to the provisions of KRS 95.895 to 95.945 shall not be required to seek District Court approval of investments authorized by KRS 386.020(h) and (i). The board may grant the qualified investment managers authority to make timely investments. In investing and reinvesting moneys and in acquiring, managing and disposing of investments, the qualified investment managers shall discharge their duties with respect to the fund solely in the interest of the participants and their beneficiaries and: (1) For the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the fund; (2) With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; (3) By diversifying the investments of the fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and (4) In accordance with the documents and instruments governing the fund as found in KRS 95.895 to 95.945 or policies adopted by the board. Effective: July 15, 1980 History: Created 1980 Ky. Acts ch. 307, sec. 6, effective July 15, 1980.