KRS

Government
12:41 pm
Thu December 11, 2014

Kentucky Chamber Calls for Comprehensive Audit of K.R.S

The Kentucky Chamber of Commerce wants a full performance audit of the troubled Kentucky Retirement Systems.

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Government
12:28 pm
Mon September 29, 2014

Watkins Wants to Revise Parole Requirements for Attempted Murder Convicts

Credit LRC Public Information

State Rep. Gerald Watkins (D-Paducah) is looking to sponsor a bill that will change the penalties for violent and non-violent crimes under Kentucky law.

The Paducah democrat says he's currently in the pre-filing process of introducing legislation to revise Kentucky state law to re-classify attempted murder from a non-violent crime to a violent-crime. Violent crime offenders must serve a longer percentage of their sentence before being eligible for parole. 

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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
11:24 am
Mon July 28, 2014

Kentucky Retirement System's Secret Investments

About 340,000 state, city, & county workers and retirees are part of the Kentucky Retirement Systems.  The KRS is responsible for $15.7 billion of pension-holder money and is one of the more under-performing pension funds in the U.S.  

It has a $17.6 billion shortfall as of mid-2013.  It's also one of the least transparent.  State law exempts KRS investments from open records laws, so if you're one of the 340,000 who wants to know where your money's going, you're out of luck.  

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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
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
11:18 am
Fri June 13, 2014

KY Utilities Now Required to Notify Customers, Cities When Increasing Rates

Kentucky State Capitol
Credit Wikimedia Commons

A new state law requires utility companies to notify customers and county and city commissions when increasing their rates.

Joint Sewer Agency Director John Hodges says KRS 65A also means the districts permitted to tax residents will have to publicly notify those residents and the commissions the utility serves.

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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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