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161.230 Retirement system -- Purpose -- Name.

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161.230 Retirement system -- Purpose -- Name. The Teachers' Retirement System is established as of July 1, 1940, for the purpose of <br>providing retirement allowances for teachers, their beneficiaries, and survivors under the <br>provisions of KRS 161.155 and 161.220 to 161.714. The Teachers' Retirement System of <br>the State of Kentucky shall be an independent agency and instrumentality of the <br>Commonwealth and this status shall only be amended or changed by the General <br>Assembly. It shall have the powers and the privileges of a corporation and shall be known <br>as the &quot;Teachers' Retirement System of the State of Kentucky.&quot; Its business shall be <br>transacted, its funds invested, and its cash and securities held in that name, or in the name <br>of its nominee provided that its nominee is authorized by board of trustees' resolution <br>solely for the purpose of facilitating the transfer of securities. The board of trustees may <br>designate a nominee as provided in KRS 286.3-225; or it may name as nominee a <br>partnership composed of selected trustees and employees of the system, and formed for <br>the sole purpose of holding legal or registered title of such securities, and for the transfer <br>of securities in accordance with directions of the board of trustees. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 485, effective July 13, 1990. -- Amended 1982 Ky. Acts ch. 326, sec. 2, effective July 1, 1982. -- <br>Amended 1972 Ky. Acts ch. 82, sec. 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. sec. 4506b-1. Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs the Reviser of Statutes to adjust KRS references throughout the statutes to conform <br>with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such <br>an adjustment has been made in this statute.