Kentucky Retirement Systems

Whistleblower Disputes Retirement Officials on Placement Agent Claim

Kenny Colston — Fri, 14 Sep 2012 19:15:35 +0000

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.

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.

Retirement Official Says Pensions Systems Haven't Used Controversial Placement Agents Recently

Kenny Colston — Thu, 13 Sep 2012 17:50:24 +0000

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.

Pension Task Force Says Everything is "On the Table" at First Meeting

Kenny Colston — Mon, 02 Jul 2012 19:36:30 +0000

A group of Kentucky lawmakers has a new summer assignment…shoring up the state’s failing pension systems.

At least two of Kentucky’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.

In response, the state has formed a public pension task force. Co-chairman Mike Cherry says he's dedicated to find a solution, and it may not be pretty.

“From my standpoint, everything’s on the table for this summer interim session,” he says.