After being heavily criticized for their use, Kentucky’s major pension program says it hasn't used a placement agent for three years.
Placement agents are investing middle men that direct pension funds to investment opportunities. Kentucky has not had a good track record with placement agents, who have been accused of mismanaging millions for the pension funds according to a 2011 audit.
A Kentucky Republican lawmaker is attempting to end the pension program for legislators.
State Representative David Floyd says Kentuckys part-time lawmakers shouldn't get pensions. But currently they do, and some lawmakers are able to fatten their pensions by taking higher-paying jobs elsewhere in government, then collecting a pension for the higher salary after they retire.