kentucky retirement systems

Kentucky Retirement Systems (kyret.ky.gov)

 

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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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.

Beshear Pleased With Appeal in Seven Counties Case

Jun 12, 2014
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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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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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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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