Kentucky Revised Statutes Title III. Executive Branch § 16.642.Board is trustee of funds; investments; control over assets in custodial account; priority to investments enhancing economic welfare of commonwealth; investment committee of funds; cap on amount of assets managed by any one investment manager

(1) The board shall be the trustee of funds created by KRS 16.505 to 16.652 and KRS 61.701 and shall have full power to invest and reinvest such assets in accordance with federal law.

(2) The board, through adopted written policies, shall maintain ownership and control over its assets held in its unitized managed custodial account.

(3) The board, in keeping with its responsibility as 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 16.505 to 16.652.

(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.