Section 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:7/15/1980
Created 1980 Ky. Acts ch. 307, sec. 7, effective7/15/1980.