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Kentucky Revised Statutes Title VIII. Offices and Officers § 61.515.Retirement system established; fund created

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

There is hereby created and established:

(1) A retirement system for employees to be known as the “Kentucky Employees Retirement System” by and in which name it shall, pursuant to the provisions of KRS 61.510 to 61.705, transact all its business and shall have the powers and privileges of a corporation; and

(2)(a) A fund, called the “Kentucky Employees Retirement Fund,” which shall consist of all the assets of the system as set forth in KRS 61.570 to 61.585.

(b) All assets received in the fund shall be deemed trust funds to be held and applied solely as provided in KRS 61.510 to 61.705.

(c) The assets in the fund shall be attributable to members participating in the Kentucky Employees Retirement System in both hazardous positions as defined in KRS 61.592 and nonhazardous positions as defined in KRS 61.510, and when payment is made from the fund:

1. No assets attributable to members in hazardous positions shall be used to pay benefits to members in nonhazardous positions; and

2. No assets attributable to members in nonhazardous positions shall be used to pay benefits to members in hazardous positions.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title VIII. Offices and Officers § 61.515.Retirement system established; fund created - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-viii-offices-and-officers/ky-rev-st-sect-61-515/

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