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United States — Kentucky Act or statute

United States — Kentucky legislation

KRS § 95.920 Custodian of assets -- Duties.

The board must hire one custodian for fund assets, and the custodian must safeguard securities, keep records, report monthly, and make payments and earnings available on the stated timelines.

asset custodyparticipant reportingrecordkeeping
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United States — Kentucky
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“The board must hire one custodian for fund assets, and the custodian must safeguard securities, keep records, report monthly, and make payments and earnings available on the stated timelines.”

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KRS § 95.920 Custodian of assets -- Duties.

The board must hire one custodian for fund assets, and the custodian must safeguard securities, keep records, report monthly, and make payments and earnings available on the stated timelines.

Section 95.920

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§ 95.920KRS § 95.920 Custodian of assets -- Duties.Provision

The board must hire one custodian for fund assets, and the custodian must safeguard securities, keep records, report monthly, and make payments and earnings available on the stated timelines.

95.920 Custodian of assets -- Duties. (1) The board shall employ a single custodian for the assets held by the fund. The custodian shall be responsible for: (a) Physical safekeeping of all securities; (b) Collection of all income; (c) Effecting all principal and income transactions; (d) Maintenance of a complete set of accounting records, including reporting to the board and participants on the assets, earnings and activity of each pool of the fund on a monthly basis, and reporting individual assets, earnings and activity to each participant on a monthly basis; (e) Making principal payments to participants no later than forty-five (45) days after receipt of a request; and (f) Making available earnings to participants on a monthly basis, or returning earnings to the fund for reinvestment as directed by the participant. (2) The custodian may upon request of a participant perform optional services such as but not limited to the following: (a) Make disbursements for the participant; and (b) Prepare reports to beneficiaries or units of government. Effective: July 15, 1980 History: Created 1980 Ky. Acts ch. 307, sec. 7, effective July 15, 1980.
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