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95.920 Custodian of assets -- Duties.

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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: <br>(a) Physical safekeeping of all securities; <br>(b) Collection of all income; <br>(c) Effecting all principal and income transactions; <br>(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 <br>the fund on a monthly basis, and reporting individual assets, earnings and <br>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: <br>(a) Make disbursements for the participant; and <br>(b) Prepare reports to beneficiaries or units of government. Effective: July 15, 1980 <br>History: Created 1980 Ky. Acts ch. 307, sec. 7, effective July 15, 1980.