Kentucky Retirement Systems http://wfpl.org en Kentucky Retirement Systems Director: State's Pension Debt is $17 Billion http://wfpl.org/post/kentucky-retirement-systems-director-states-pension-debt-17-billion <p>Kentucky's state pension systems are slated to have to pay out more than $17 billion that the state doesn't have.</p><p>That's according to William Thielen, who is director of the Kentucky Retirement Systems. Thielen testified before lawmakers in Frankfort Monday. He says the state's various pension funds have only a fraction of what they need to pay all potential retirees.</p><p>Thielen says if lawmakers make good on a promise to fund the pensions with the recommend amount, called the ARC, it'll take a few years before the unfunded liability starts to drop.</p> Mon, 27 Jan 2014 21:38:47 +0000 Jonathan Meador 8375 at http://wfpl.org Kentucky Retirement Systems Director: State's Pension Debt is $17 Billion Louisville Councilman Jerry Miller Urging City to Leave Kentucky Retirement System http://wfpl.org/post/louisville-councilman-jerry-miller-urging-city-leave-kentucky-retirement-system <p>Saying it could save the city millions, Republican Louisville Metro Councilman Jerry Miller is filing a <a href="https://docs.google.com/a/louisvillepublicmedia.org/viewer?a=v&amp;pid=gmail&amp;attid=0.1&amp;thid=141e07b48b653322&amp;mt=application/pdf&amp;url=https://mail.google.com/mail/u/0/?ui%3D2%26ik%3Dd7186f6487%26view%3Datt%26th%3D141e07b48b653322%26attid%3D0.1%26disp%3Dsafe%26zw&amp;sig=AHIEtbTERe3S8M9rkXQl2d1kAKUkr0ZXaQ">resolution that seeks to remove the city from the Kentucky retirement system</a>.</p><p>The non-binding measure will be considered later this week and requests the General Assembly revise state law to separate the County Employee Retirement System account from the overall state pension pool.</p><p>It also asks state lawmakers to give CERS an independent board from the Kentucky Employee Retirement System, which has been under a myriad of <a href="http://wfpl.org/post/retirement-official-says-pensions-systems-havent-used-controversial-placement-agents-recently">criticism for its management</a> and <a href="http://wfpl.org/post/pensioners-concerned-retirement-systems-woes">financial woes</a> over the past few years.</p><p>"Our costs continue to skyrocket in part because (the state system) is making decisions based on the KERS plan covering state employees, which is the second worst funded in the nation," says Miller.</p><p>The city's retirement costs have increased significantly over the past decade.</p><p>In 2004, pensions accounted for just over five percent of the city budget. Now about 15 percent of the Metro Government general fund is spent on retirement payments for public employees. Tue, 22 Oct 2013 23:57:04 +0000 Phillip M. Bailey 7297 at http://wfpl.org Louisville Councilman Jerry Miller Urging City to Leave Kentucky Retirement System Whistleblower Disputes Retirement Officials on Placement Agent Claim http://wfpl.org/post/whistleblower-disputes-retirement-officials-placement-agent-claim <p></p><p>A whistleblower and former member of the Kentucky Retirement System’s board of trustees is disputing claims that the pension plan hasn’t used placement agents recently.</p><p>Chris Tobe is an investment expert who served on the system’s board for four years. He’s also the main witness in a Securities and Exchange Commissions investigation into KRS and its previous uses of placement agents.</p> Fri, 14 Sep 2012 19:15:35 +0000 Kenny Colston 1658 at http://wfpl.org Retirement Official Says Pensions Systems Haven't Used Controversial Placement Agents Recently http://wfpl.org/post/retirement-official-says-pensions-systems-havent-used-controversial-placement-agents-recently <p></p><p>After being heavily criticized for their use, Kentucky’s major pension program says it hasn't used a placement agent for three years.</p><p>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.</p> Thu, 13 Sep 2012 17:50:24 +0000 Kenny Colston 1650 at http://wfpl.org Pension Task Force Says Everything is "On the Table" at First Meeting http://wfpl.org/post/pension-task-force-says-everything-table-first-meeting <p>A group of Kentucky lawmakers has a new summer assignment&hellip;shoring up the state&rsquo;s failing pension systems.</p><p>At least two of Kentucky&rsquo;s six pension plans are at a high risk for failure. And their troubles have been highlighted by Bloomberg, the New York Times and the Pew Center.</p><p>In response, the state has formed a public pension task force. Co-chairman Mike Cherry says he&#39;s dedicated to find a solution, and it may not be pretty.</p><p>&ldquo;From my standpoint, everything&rsquo;s on the table for this summer interim session,&rdquo; he says.</p> Mon, 02 Jul 2012 19:36:30 +0000 Kenny Colston 885 at http://wfpl.org