The chairman of the Kentucky Retirement Systems Board of Trustees is presiding at a meeting in defiance of Gov. Matt Bevin’s order removing him from the board.
Thomas K. Elliott took his seat at the head of the board table at Thursday’s regularly-scheduled board meeting, a day after Bevin issued the executive order to oust him. The board was scheduled to elect its leaders, but delayed that vote until the next meeting.
KRS Executive Director William Thielen said Bevin does not have the authority to remove Elliott. Board members voted to request an attorney general’s opinion on whether Bevin exceeded his authority by removing Elliott.
In removing Elliott Wednesday, Bevin said KRS needs a “fresh start” and said the board was opposed to transparency under Elliott’s leadership. Elliott was reappointed to the board by former Democratic Governor Steve Beshear last year and his term does not expire until 2019.
Kentucky Retirement Systems is among the worst funded systems in the country. It has an unfunded liability of more than $19 billion.