161.230 Retirement system -- Purpose -- Name. - Kentucky Statutes

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161.230 Retirement system -- Purpose -- Name. The Teachers' Retirement System is established as of July 1, 1940, for the purpose of
providing retirement allowances for teachers, their beneficiaries, and survivors under the
provisions of KRS 161.155 and 161.220 to 161.714. The Teachers' Retirement System of
the State of Kentucky shall be an independent agency and instrumentality of the
Commonwealth and this status shall only be amended or changed by the General
Assembly. It shall have the powers and the privileges of a corporation and shall be known
as the "Teachers' Retirement System of the State of Kentucky." Its business shall be
transacted, its funds invested, and its cash and securities held in that name, or in the name
of its nominee provided that its nominee is authorized by board of trustees' resolution
solely for the purpose of facilitating the transfer of securities. The board of trustees may
designate a nominee as provided in KRS 286.3-225; or it may name as nominee a
partnership composed of selected trustees and employees of the system, and formed for
the sole purpose of holding legal or registered title of such securities, and for the transfer
of securities in accordance with directions of the board of trustees. Effective: July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 485, effective July 13, 1990. -- Amended 1982 Ky. Acts ch. 326, sec. 2, effective July 1, 1982. --
Amended 1972 Ky. Acts ch. 82, sec. 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 4506b-1. 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.