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United States — Kentucky Act or statute

United States — Kentucky legislation

KRS § 95.590 Custody of pension fund established under KRS 95.520.

The city treasurer or chief financial officer serves as custodian of the pension fund and must keep and account for the fund, while also filing a bond within 10 days of appointment.

board oversightbond requirementcustody of fund
Jurisdiction
United States — Kentucky
Structure
1 provisions
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Source record from apps.legislature.ky.gov · Legal dates not recorded

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Amendment
§ 95.590KRS § 95.590 Custody of pension fund established under KRS 95.520.Amendment

The city treasurer or chief financial officer serves as custodian of the pension fund and must keep and account for the fund, while also filing a bond within 10 days of appointment.

95.590 Custody of pension fund established under KRS 95.520. (1) The city treasurer or chief financial officer, in cities with a pension fund established under KRS 95.520, is ex officio treasurer of the board of trustees of the pension fund, and custodian of the pension funds. (2) The treasurer, as custodian, shall securely keep the fund, subject to the control of the board, and shall keep his books and accounts concerning the fund in the manner prescribed by the board. The books and accounts are always subject to the inspection of the board or any board member. (3) The treasurer shall, within ten (10) days after his appointment, execute a bond to the city with good surety, in the penal sum the board of trustees directs, to be approved by the board, conditioned for the faithful performance of the duties of his office, and that he will safely keep and well and truthfully account for all money and properties that come into his hands as treasurer of the pension fund, and that upon the expiration of his term of office he will deliver to his successor all securities, unexpended moneys and other properties that come into his hands as treasurer of the fund. The bond shall be filed in the office of the treasurer, and suit may be filed thereon in the name of the city for the use of the board or any person injured by its breach. Effective: July 15, 2016 History: Amended 2016 Ky. Acts ch. 31, sec. 11, effective July 15, 2016. -- Amended 2014 Ky. Acts ch. 92, sec. 129, effective January 1, 2015. -- Amended 1966 Ky. Acts ch. 255, sec. 107. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 3142b-3, 3142b-14, 3351a-3, 3351a-14.
Section 95.590Verify source

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