kentucky retirement systems

Government
1:24 pm
Fri September 12, 2014

Kentucky Retirement Systems to Provide More Detail on 'Alternative' Investments

Tommy Elliot, chairman of the Board of Trustees, and Executive Director Bill Thielen listen to a presentation during the meeting of Kentucky Retirement Systems on May 15, 2014.

Originally published on Fri September 12, 2014 12:31 pm

Kentucky Retirement Systems, which runs the $16 billion pension and health care funds for state, city and county workers and retirees, will be providing more detail about the fees it pays to the managers of its so-called “alternative” investments.

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Government
8:56 pm
Fri August 29, 2014

Talks Between 7 Counties, Lawmakers Come Up Short

Rep Brent Yonts (D-Greenville)-Right shakes hands with Governor Steve Beshear
Credit Photo by Bud Craft, courtesy Ky Legislative Research Commission.

 

An attempt at mediation between state lawmakers and a Louisville mental health nonprofit over its bankruptcy has yielded little progress. Earlier this month, member of Seven Counties Services and a handful of state lawmakers met to discuss what, if any, deal could be reached over the nonprofit’s bankruptcy filing.

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Government
9:27 am
Fri August 22, 2014

Kentucky Retirement Systems to Get $23 Million in Big Bank of America Settlement

Credit Kentucky Retirement Systems

 

Bank of America has agreed to pay $23 million in restitution to Kentucky Retirement Systems over fraudulent mortgage-backed securities that fueled the 2008 financial crash. 

The agreement is part of a $16.65 billion settlement with six states attorneys general, which the U.S. Department of Justice announced in a news conference Thursday.

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Government
2:37 pm
Thu July 24, 2014

Despite Calls for Openness, Struggling Kentucky Retirement Systems Keeps Its Investments Secret

Tommy Elliot, chairman of the Board of Trustees, and Executive Director Bill Thielen listen to a presentation during the meeting of Kentucky Retirement Systems on May 15, 2014.

Originally published on Thu July 24, 2014 8:24 pm

 Kentucky's underperforming retirement system for state employees keeps secret details of its so-called "alternative investments," and critics are calling for more transparency so the risks and potential pratfalls can be fully assessed.

In its latest story, the Kentucky Center for Investigative Reporting looks at the secrecy behind where the Kentucky Retirement Systems makes its alternative investments—and the concerns it raises.

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Government
9:25 am
Wed July 16, 2014

Kentucky Retirement System Seeks Dismissal of Small Town's Lawsuit Over Alleged Risky Investments

Credit Kentucky Retirement Systems

 

The troubled Kentucky Retirement Systems says a lawsuit brought against it by a small Northern Kentucky town should be dismissed.

In June, the city of Ft. Wright -- population 5,700 -- filed a civil suit against KRS over risky investments into Wall Street hedge funds with public money, seeking $50 million to cover the losses and to divorce its city and county employees from the state system.

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Government
4:21 pm
Wed June 25, 2014

Seven Counties Ruling Could Cost Pension System $2.4 Billion

Kentucky’s mounting pension troubles could get worse as the state plans to appeal a court ruling requiring certain quasi-governmental agencies be liable for pension debt.  

Last year, Seven Counties Services, a mental health nonprofit that contracts with state government, filed for bankruptcy over its pension debt.

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Government
6:31 am
Thu June 12, 2014

Beshear Pleased With Appeal in Seven Counties Case

Credit iStockPhoto

Kentucky Governor Steve Beshear says he is pleased with a decision by the Kentucky Retirement Systems to appeal a recent ruling that would allow quasi-governmental agencies to withdraw from the beleaguered public pension system.

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Government
6:28 am
Wed June 4, 2014

Kentucky City Sues State Pension System Over Risky Investments

Credit wikipedia.com

A Kentucky city is suing the state's public pension system over its investment of county employees' retirement money into "risky" hedge funds. 

An attorney for Ft. Wright, a northern Kentucky city of 5,700, filed a class-action lawsuit Monday alleging that Kentucky Retirement Systems improperly used money from one of its subsidiary funds to make investments that were illegal under state law.

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Government
3:50 pm
Mon January 27, 2014

Kentucky Retirement Systems Director: State's Pension Debt is $17 Billion

Credit Wikimedia Commons

Kentucky's state pension systems are slated to have to pay out more than $17 billion that the state doesn't have.

That's according to William Thielen, who is director of the Kentucky Retirement Systems. Thielen testified before lawmakers in Frankfort Monday. 

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