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95.915 Qualified investment managers -- Appointment -- Duties.

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95.915 Qualified investment managers -- Appointment -- Duties. The board shall employ one (1) or more qualified investment managers, who shall invest <br>and reinvest the assets of the fund. The qualified investment managers may make any <br>investments which are allowed, at the time of making the investment, to fiduciaries in this <br>state, except that the board may at its discretion authorize the qualified investment <br>managers to purchase common stocks in corporations that do not have a record of paying <br>dividends to their stockholders. Qualified investment managers operating pursuant to the <br>provisions of KRS 95.895 to 95.945 shall not be required to seek District Court approval <br>of investments authorized by KRS 386.020(h) and (i). The board may grant the qualified <br>investment managers authority to make timely investments. In investing and reinvesting <br>moneys and in acquiring, managing and disposing of investments, the qualified <br>investment managers shall discharge their duties with respect to the fund solely in the <br>interest of the participants and their beneficiaries and: <br>(1) For the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the fund; (2) With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would <br>use in the conduct of an enterprise of a like character and with like aims; (3) By diversifying the investments of the fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and (4) In accordance with the documents and instruments governing the fund as found in KRS 95.895 to 95.945 or policies adopted by the board. Effective: July 15, 1980 <br>History: Created 1980 Ky. Acts ch. 307, sec. 6, effective July 15, 1980.