78.790 Board trustee of funds -- Investments -- Registration of securities -- Investment committee of funds -- Cap on amount of assets managed by any one investment manager. - Kentucky Statutes

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78.790 Board trustee of funds -- Investments -- Registration of securities -- Investment committee of funds -- Cap on amount of assets managed by any one
investment manager. (1) The board shall be the trustee of the several funds created by KRS 78.510 to 78.852, and shall have full power to invest and reinvest such funds subject to the limitations
that no investments shall be made except upon the exercise of bona fide discretion,
in securities which, at the time of making the investment, are, by law, permitted for
the investment of funds by fiduciaries in this state except that the board may, at its
discretion, purchase common stocks in corporations that do not have a record of
paying dividends to their stockholders. Subject to such limitations, the board shall
have full power to hold, purchase, sell, assign, transfer or dispose of any of the
securities or investments in which any of the funds created herein have been
invested, as well as of the proceeds of such investments and any moneys belonging
to such funds. (2) All securities acquired under the authority of KRS 78.510 to 78.852 shall be registered in the name Kentucky Retirement Systems or nominee name as provided
by KRS 286.3-225 and every change in registration, by reason of sale or assignment
of such securities, shall be accomplished pursuant to written policies adopted by the
board. (3) The board, in keeping with its responsibility as the trustee and wherever feasible, shall give priority to the investment of funds in obligations calculated to improve
the industrial development and enhance the economic welfare of the
Commonwealth. (4) The investment committee established pursuant to KRS 61.650 shall serve as the investment committee of the funds established by KRS 78.510 to 78.852. (5) Based upon market value at the time of purchase, the board shall limit the amount of assets managed by any one (1) active or passive investment manager to fifteen
percent (15%) of the assets in the pension and insurance funds. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 127, sec. 4, effective July 15, 2010; and ch. 173, sec. 10, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 36, sec. 35, effective
July 13, 2004. -- Amended 2003 Ky. Acts ch. 169, sec. 14, effective March 31, 2003.
-- Amended 1988 Ky. Acts ch. 349, sec. 40, effective July 15, 1988. -- Amended
1976 Ky. Acts ch. 321, sec. 40. -- Amended 1974 Ky. Acts ch. 128, sec. 35, effective
March 26, 1974. -- Amended 1972 Ky. Acts ch. 116, sec. 72. -- Amended 1966 Ky.
Acts ch. 34, sec. 13. -- Amended 1960 Ky. Acts ch. 165, Pt. III, sec. 3. -- Created
1958 Ky. Acts ch. 167, sec. 29. Legislative Research Commission Note (7/15/2010). This section was amended by 2010 Ky. Acts chs. 127 and 173, which do not appear to be in conflict and have been
codified together. Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs the Reviser of Statutes to adjust KRS references throughout the statutes to conform
with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such
an adjustment has been made in this statute.