Marshall County Candidate for Retirement System Trustee Wants to Ensure Efficient Management

Jan 28, 2014

A Kentucky Transportation Cabinet retiree from Marshall County is on the ballot for the state pension system’s Board of Trustees.

Peter Wolff says he’s concerned about the Kentucky Employees Retirement System.

“The underfunding but that can only be solved through the legislature,” he said. “Other than that right now some of the trustees that are appointed and the elected members seem to be somewhat on an adversarial position, and I think it needs to be to where they all realize what the principal function ism, which is to work toward the fiscal benefit of the retirement funds.”

Wolff says he understands the work of a board of trustees because he has served as the Marshall County Public Library’s for 5 years. If he’s elected to the state pension trustee post he says he has two missions.

“It’s to ensure the efficient management of the fund and to make sure the expenditures are strictly for the benefit of the fund,” he said.

The state pension system is currently slated to pay out more than $17 billion in benefits that Kentucky doesn’t have. Gov. Steve Beshear proposed in his budget address to use more than $200 million from the General Fund for the underfunded pension over the next two years.

The retirement system has already mailed out ballots to the more than 246,000 KERS members. Two people out of the four seeking a post will be selected. Ballots must be postmarked by March 1 to be counted.