pensions

Politics
3:15 pm
Fri September 14, 2012

Whistleblower Disputes Retirement Officials on Placement Agent Claim

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.

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Politics
1:50 pm
Thu September 13, 2012

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

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.

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Politics
11:10 am
Wed September 12, 2012

Republican Legislative Challengers Announce Plans to Change Lawmakers' Pensions

After years of lawmakers attempting to find solutions to the state’s underfunded pension problems, a group of Republican legislative candidates are hoping to institute a plan of their own.

At a news conference today at the Capitol, the majority of Republican challengers in House and Senate races endorsed a plan to put new lawmakers into a 401k style pension system.

The challengers say if elected their plan would be the first bill they jointly introduce. And they would include themselves in the new 401k plan.

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Politics
1:00 pm
Wed September 5, 2012

Lawmaker Seeks to End Legislators' Pensions

A Kentucky Republican lawmaker is attempting to end the pension program for legislators.

State Representative David Floyd says Kentucky’s 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.

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Politics
9:30 am
Mon August 20, 2012

Beshear Says Hybrid Solution for Struggling Pensions Could Work

Governor Steve Beshear says he's interested in a so-called hybrid approach to pension reform.

Lawmakers are discussing how to fix the flailing public pension plans for state and county employees. They'll make recommendations at the end of the year.

Beshear says he would support a plan, that allows current to employees keep their pensions, but require new employees to pay into a 401k-type plan.

But the governor's support isn't without qualifications.

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Politics
12:03 pm
Wed July 25, 2012

LIBOR Scandal Likely Affecting Revenues for Kentucky Agencies

A former trustee for the Kentucky Pension Systems says an international banking scandal is leading to millions of dollars in losses for Kentucky agencies.

Investment consultant Chris Tobe believes the pension systems have lost money due to the false interest rates associated with the LIBOR banking scandal.

LIBOR averages interest rates from other major banks to set a standard. Some banks are charged with providing manipulated rates to LIBOR to boost profiles. 

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Politics
5:31 pm
Wed July 18, 2012

Economic Group Encourages Lawmakers Not to Switch Pensions to 401k Style Plans

A relatively new economic think tank in Kentucky has released a report that pushes back on calls to cut the state's pension benefits.

The report from the Kentucky Center for Economic Policy says the idea that public pensioners are well-compensated compared to their private sector counterparts is a myth.

“If you fairly compare what public workers receive at this point in Kentucky, compared to the private sector in total compensated, wages and benefits, you find that they are actually somewhat under-compensated," says KCEP director Jason Bailey.

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Politics
3:36 pm
Mon July 2, 2012

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

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.

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Politics
7:30 am
Mon June 11, 2012

Bluegrass Institute Takes Aim at Lawmakers for Pension Problems

The watchdog group Bluegrass Institute has released a report blaming Kentucky’s lawmakers for various issues with the state’s pension systems.

Bloomberg has ranked Kentucky's state pensions among the worst-funded in the country. And the Bluegrass Institute puts the blame on the General Assembly.

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