The Judicial Inquiry Commission has considered your request for an opinion concerning
whether, under the Alabama Canons of Judicial Ethics, a judge may continue to
participate in a KEOUGH retirement plan set up by his old law firm while he was a
partner in the firm or is the judge required to withdraw his portion of the investment
funds. Under the arrangement, the fund is presently managed by a bank and the
partners in the law firm direct the bank trustee as to the investment of the funds. After
assuming the bench, the judge no longer participates in directing the investment of the
funds or making further contributions to the fund. However, a sub-account may be set
up for the judge’s account over which the judge would have investment authority and for
which the judge would pay the management fee.