From Kentucky Public Radio’s Tony McVeigh
A comprehensive performance study of Kentucky retirement systems has arrived just as lawmakers are preparing for a special session on pension reform.
State retirement systems in Kentucky generally meet their own performance benchmarks, but perform less well when compared to the investment portfolios of 25 other state systems. That’s a key finding in an eight-month, 81-page report prepared for a legislative oversight committee. The committee’s Senate chair, Ernie Harris, heralded the report’s timely arrival.
This is first exhaustive report from an independent agency that’s looked at our retirement systems. And I think one of the problems that the legislature has is that there’s no standard of reporting back to us on how the systems are doing,” Harris said.
The report, which also raises concerns about the make-up of retirement system boards, won unanimous Program Review and Investigations committee approval. Among those to receive copies of the report is Governor Beshear, who intends to call a special session on pension reform June 23.