Post by Logan on Apr 7, 2016 6:41:27 GMT -6
A bill shedding light on the fees, commissions and investment practices of what has been criticized as the nation’s worst-funded state pension system could still get a floor vote in the House, but the bill’s Senate sponsor fears it may be too late for the legislation to reach the governor’s desk.
Not long after the Kentucky Retirement System (KRS) gave its executive director a 25 percent raise — despite its surmounting unfunded liabilities — Sen. Joe Bowen (R-Owensboro) sponsored one of the Senate’s top priority bills to pull back the curtain on the state pension systems’ investing practices, contracts and fees.
According to Bowen, without transparency in both the KRS and Kentucky Teachers’ Retirement System (KTRS), the legislature remains handicapped.
“At the end of the day, without us knowing what the fees were and how they got to those contracts and how those fees were determined, we have no ability or capacity to be proactive,” Bowen said.
Read more: www.state-journal.com/2016/04/05/pension-transparency-bill-passage-remains-uncertain/
Not long after the Kentucky Retirement System (KRS) gave its executive director a 25 percent raise — despite its surmounting unfunded liabilities — Sen. Joe Bowen (R-Owensboro) sponsored one of the Senate’s top priority bills to pull back the curtain on the state pension systems’ investing practices, contracts and fees.
According to Bowen, without transparency in both the KRS and Kentucky Teachers’ Retirement System (KTRS), the legislature remains handicapped.
“At the end of the day, without us knowing what the fees were and how they got to those contracts and how those fees were determined, we have no ability or capacity to be proactive,” Bowen said.
Read more: www.state-journal.com/2016/04/05/pension-transparency-bill-passage-remains-uncertain/