The System's eight-member Board of Trustees is governed by KRS 21.540. By said statute, the Board is charged with the administration of the System. The Board promulgates reasonable regulations, passes upon questions of eligibility and disability, makes contracts or employment for services, and purchases fiduciary liability insurance. In fulfilling its fiduciary responsibilites, the Board complies with federal regulations and adheres to a Code of Professional Ethics.
Pursuant to KRS 21.550, the Investment Committee for the Judicial Retirement funds “shall have full and sole authority over the . . . fund and the investment thereof, including the prescribing of funding standards, the adopting of actuarial methods and assumptions, and the making of employment or contracts for required personal services, including administrative, actuarial and investment counseling services.” The Investment Committee for the Legislators Retirement funds is given the same authority by KRS 21.560.
Meetings are held quarterly during the months of January, April, July and October (on the last Friday of the month, or at a date convenient to a majority of the Trustees), and at special meetings, if necessary. The Board meets in Frankfort.