Kentucky Revised Statutes Title XIII. Education § 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 or title holding organization provided that its nominee or title holding organization is authorized by board of trustees' resolution solely for the purpose of facilitating the transfer of securities or acquiring and holding title to real property. 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.