KRS

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.  

Read more
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.

Read more
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.

Read more
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.

Read more
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.

Read more
Pensions
6:21 am
Tue May 6, 2014

Why One Kentucky State Pension is Outperforming the Other

Credit Wikimedia Commons

It was the best of pensions, it was the worst of pensions.

In 2013, the $14.5 billion Kentucky Retirement Systems' investment portfolio drastically underperformed its cousin—the Kentucky Teachers Retirement System—by about $1 billion.

Moreover, last year the KRS underperformed the average public pension's investment plan by about $500 million.

What's the difference?

Read more
Government
3:27 pm
Tue January 28, 2014

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

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.

Read more