Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title VI. Financial Administration § 42.205.Permanent pension fund

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) There is hereby established within the Finance and Administration Cabinet the Kentucky permanent pension fund for the purpose of addressing the Commonwealth's unfunded pension liabilities. The proceeds contained in this fund shall be used only for contributions to the Commonwealth's pension funds.

(2) The fund may receive:

(a) State appropriations;

(b) The net proceeds from the sale of real property owned by the Commonwealth or any agency thereof; and

(c) Any settlements or judgments resulting from litigation in which the Commonwealth or any of its agencies is a party, after costs of litigation and mandatory deductions or restitution to consumers have been deducted.

(3) Any unallotted or unencumbered balances in the fund shall be invested pursuant to KRS 42.500.

(4) Income earned from the investments shall be credited to and become part of the fund.

(5) Notwithstanding KRS 45.229, any fund balance at the close of the fiscal year shall not lapse but shall be carried forward to the next fiscal year. All amounts in the fund shall remain in the fund and shall not be expended or appropriated without the express authority in an enacted biennial budget bill.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Kentucky Revised Statutes Title VI. Financial Administration § 42.205.Permanent pension fund - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-vi-financial-administration/ky-rev-st-sect-42-205/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard