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164A.011 Plans for organization and operation of corporation and of Kentucky Higher Education Assistance Authority -- Code of ethics.

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Page 1 of 1 164A.011 Plans for organization and operation of corporation and of Kentucky Higher Education Assistance Authority -- Code of ethics. (1) By January 1, 1997, the board of the Kentucky Higher Education Assistance Authority and the board of the Kentucky Higher Education Student Loan <br>Corporation shall prepare and submit to the Governor, the Legislative Research <br>Commission, and the Finance and Administration Cabinet a plan for the future <br>organization and operation of the respective agencies. The plans shall be prepared <br>according to the preprivatization guide established by the Privatization Commission <br>and shall include, but not be limited to, detailed information on the following: <br>(a) The new or expanded businesses or services the boards may want to engage in, and the financing thereof, or which may be available to enhance the boards' <br>role in the student loan business; (b) The new or expanded businesses or services the boards may want to engage in, and the financing thereof, or which may be available to enhance the boards' <br>role in the financial market; (c) A proposed and transitional personnel system to meet the needs of any proposed organization and operations of the authority or corporation that shall <br>include but not be limited to: <br>1. A salary and compensation plan; and 2. Personnel benefits including health insurance coverage, deferred <br>compensation opportunities, workers' compensation, life insurance <br>coverage, a retirement plan and merit system rights; and (d) The process to be used by the authority and the corporation in the development and implementation of their respective operating budgets, <br>including the methodology for the transfer of funds between the entities and <br>the involvement of the executive branch and the General Assembly in their <br>budget process. (2) The plan shall include a proposed code of ethics to apply to all members of the boards, officers, and employees of the respective agencies. The code of ethics <br>adopted shall include, but not be limited to, provisions that set forth: <br>(a) Standards of conduct; <br>(b) Requirements for filing and maintaining annual financial disclosure statements, which shall be open to public inspection; (c) A policy on the employment of members of the families of members of the boards, officers, and employees; (d) The designation of a person or group responsible for enforcement of the code of ethics, maintenance of financial disclosure records, and receipt and <br>investigation of complaints of violation of the code of ethics; and (e) The penalties for violation of the code of ethics. Effective: July 15, 1996 <br>History: Created 1996 Ky. Acts ch. 350, sec. 2, effective July 15, 1996.