Post by Logan on May 4, 2016 21:45:51 GMT -6
Much has been said recently about the “lack of transparency” at Kentucky Retirement Systems (KRS). In a recent State Journal article, the wording “often secretive public pension systems” was employed to describe KRS and other Kentucky public pension systems. To describe KRS as “secretive” is not only factually untrue, but misleads and does a disservice to the public.
KRS is a quasi-independent state agency. It is subject to both the Kentucky Open Records and Open Meetings laws. All investment decisions are made by the KRS Investment Committee and the 13 member KRS Board of Trustees at open public meetings where all information regarding investment managers, including the maximum fees and commissions that KRS will have to pay, is made public as a part of the decision-making process. This open public process is also used for all other operational decisions made by the KRS Committees and Board of Trustees.
On its website, KRS posts the names of all investment managers, the amount each manager invests and the maximum management and performance fees that each individual manager can charge. Information regarding external investment managers, including investment fees and commissions paid on an annual basis, is also contained in KRS’ Comprehensive Annual Financial Report and the annual audited financial statements.
Finally, all KRS investment returns are reported, net of fees and commissions, on a monthly, quarterly and annual basis. The KRS Board of Trustees and staff are committed to full transparency of all information in KRS’ possession except when state or federal law makes the information confidential or it would have an adverse impact on KRS’ ability to best serve its membership.
Read more: www.state-journal.com/2016/05/04/despite-claim-kentucky-retirement-systems-not-secretive/
KRS is a quasi-independent state agency. It is subject to both the Kentucky Open Records and Open Meetings laws. All investment decisions are made by the KRS Investment Committee and the 13 member KRS Board of Trustees at open public meetings where all information regarding investment managers, including the maximum fees and commissions that KRS will have to pay, is made public as a part of the decision-making process. This open public process is also used for all other operational decisions made by the KRS Committees and Board of Trustees.
On its website, KRS posts the names of all investment managers, the amount each manager invests and the maximum management and performance fees that each individual manager can charge. Information regarding external investment managers, including investment fees and commissions paid on an annual basis, is also contained in KRS’ Comprehensive Annual Financial Report and the annual audited financial statements.
Finally, all KRS investment returns are reported, net of fees and commissions, on a monthly, quarterly and annual basis. The KRS Board of Trustees and staff are committed to full transparency of all information in KRS’ possession except when state or federal law makes the information confidential or it would have an adverse impact on KRS’ ability to best serve its membership.
Read more: www.state-journal.com/2016/05/04/despite-claim-kentucky-retirement-systems-not-secretive/