16.565 Retirement allowance account. - Kentucky Statutes

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16.565 Retirement allowance account. The retirement allowance account shall be the account in which shall be accumulated all
employer contributions, amounts transferred from the member contribution account, and
to which all income from the investment assets of the system shall be credited. From this
account there shall be paid administrative expenses and in addition all benefits payable
under KRS 16.510 to 16.652. There shall be transferred from this account to the member
contribution account the interest credited annually to each member's individual accounts. Effective: July 1, 1958
History: Created 1958 Ky. Acts ch. 94, sec. 13, effective July 1, 1958.