A nonprofit publication of the Kentucky Center for Public Service Journalism

Kentucky Housing Corporation to exit state pension system, will transition to defined contribution plan

The Kentucky Housing Corporation (KHC) Board of Directors chose today to exit the Kentucky Retirement Systems (KRS). Starting July 1, KHC and its employees will no longer contribute to the state pension system. “Over the last three months, we have weighed the financial and personal impacts of each option upon the staff and KHC,” said Mike Denham, board chair. “It was a difficult decision, but...

County Employee Retirement System wants better representation over retirement plan

By Tom Latek Kentucky Today A bill proposed by the County Employee Retirement System to address their concerns about under-representation on the Kentucky Retirement Systems board cleared a House committee on Monday. Bryanna Carroll with the Kentucky League of Cities says while CERS has 76 percent of the assets and make up 64 percent of the KRS membership, they only have 35 percent of the seats on the...

Amye Bensenhaver: Resisting tranparency at all costs — and that’s why open records laws exist

It is deeply disturbing that a public agency — whose compliance with state transparency laws is found by the Kentucky Auditor of Public Accounts to fall “drastically short” — concludes its response to the auditor’s examination with the statement that it “compl[ies] with all governing statutes *to the extent possible.*” This is how the Kentucky Retirement Systems responded to Auditor Mike...

Auditor Mike Harmon: KRS, TRS not in compliance with public pension transparency laws, Senate Bill 2

Kentucky Retirement Systems (KRS) and Teachers’ Retirement System (TRS) have failed to comply with a law passed two years ago requiring increased transparency in Kentucky’s public retirement systems. That’s the conclusion reached in a special examination released by Kentucky Auditor Mike Harmon’s office. The examination evaluated KRS, TRS, and the Judicial Form Retirement System (JFRS) which...

Auditor Harmon releases audit of KY Retirement System in advance of planned special session

By Tom Latek Kentucky Today FRANKFORT, Ky. (KT) – As Gov. Matt Bevin and lawmakers try to come to an agreement on legislation to shore up the pension system for universities and quasi-governmental organizations for a planned special session, State Auditor Mike Harmon released an audit on Thursday of the Kentucky Retirement Systems. 
“This audit report gives every state and local government...

Governor Matt Bevin says pension bill is ‘getting done’ as special session looms sometime this month

By Tom Latek Kentucky Today Gov. Matt Bevin says the legislation is ready and that a special session will be called sometime in May to provide relief for regional universities and other quasi-governmental agencies who face a huge jump in pension costs July 1. On Tuesday, Bevin spoke with reporters on the status of proposed legislation. “The bill is written, the bill has been scored. I met with all...

Public Pension discussion continues; actuarial consultant says systems needs another $214 million

By Tom Latek Kentucky Today The Public Pension Oversight Board heard from the Kentucky Retirement Systems and their actuarial consultant on recommendations for changes in the factors used to determine how much state funding will be needed for the state’s public pension systems over the next two years. 
Danny White with GRS Retiring Consultants, said Monday retirees are living longer, so the mortality...

Back and forth dominates Monday’s subcommittee meeting regarding future of Ky’s pension system

By Tom Latek Kentucky Today Separation of the County Employees Retirement System from the rest of the Kentucky Retirement Systems dominated the discussion during a meeting of the KRS Administrative Subcommittee on Monday. Three options discussed by both CERS and KRS officials are keeping things the way they are, giving CERS some autonomy or complete separation from KRS. Bryanna Carroll, director...

State and teachers retirement systems provided update to Public Pension Oversight Board

By Tom Latek Kentucky Today It was good news and bad news Monday as officials with the Kentucky Retirement Systems and the Teachers Retirement System updated the Public Pension Oversight Board. David Eager, executive director of the KRS, told the panel he believes his pension systems have bottomed out. “Overall, the funded status dropped by .07 percent, which is teeny, compared to the prior year...

Kentucky Retirement Systems announces interest earned, credited to TIER 3 member accounts

Kentucky Retirement Systems (KRS) announced today the interest earned and credited to members in its Tier 3, Hybrid Cash Balance Plan. The Hybrid Cash Balance Plan is for members who began participation on or after January 1, 2014 per guidelines established under Kentucky Revised Statutes 61.597 and 16.583. Click for full report For the fiscal year ended June 30, 2018, the following earned interest...

Officials more optimistic about state retirement systems during oversight board appearance

By Tom Latek Kentucky Today Despite studies showing they are among the worst-funded pension programs in the nation, officials with some of the state’s retirement systems gave an optimistic outlook during appearances before the Public Pension Oversight Board this week. David Eager, executive director of the Kentucky Retirement Systems or KRS, told the panel on Monday that while they forecast that...

Bevin names two new members to state Teachers’ Retirement System board of trustees

Gov. Matt Bevin has made the following appointments to Kentucky Boards and Commissions: Frank E. Collecchia and John Valentine Boardman III have been appointed to the Board of Trustees of the Kentucky Teachers’ Retirement System. Collecchia, of Louisville, is an adjunct professor of finance at the University of Louisville. He shall serve for a term expiring March 10, 2019. Boardman III, of Lexington,...

State organizations, individuals receive $18 million from Bank of America settlement

Nearly 350 Kentuckians and three state organizations have received a combined $18 million from the 2014 Bank of America Settlement involving the company’s mortgage loan practices during the 2008 national financial crisis, Attorney General Andy Beshear said Monday. The impact of the settlement for Kentuckians is based on the most recent compliance report by the 2014 Bank of America Mortgage Settlement...

Bevin names Smith to KRS trustees board; four added to Tourism Development Authority

Gov. Matt Bevin has made the following appointments to Kentucky boards and commissions: William F. Smith, M.D. has been appointed to the Board of Trustees of the Kentucky Retirement Systems for a term expiring March 31, 2019. Smith, of Madisonville, is replacing Thomas K. Elliott of Louisville. The Kentucky Employees Retirement System (KERS) was created in 1956 by the Kentucky General Assembly in order...