Post by Logan on Jun 20, 2016 5:13:08 GMT -6
FRANKFORT, Ky. - Gov. Matt Bevin on Friday abolished the board overseeing the Kentucky Retirement Systems and created a new board to take its place.
A news release from Bevin says his order adds needed financial expertise to the board and establishes new transparency requirements that will be "critical in helping to address the state's pension system," which – with billions of dollars in unfunded liabilities – is one of the most poorly funded public pension systems in the United States.
But an advocate for retirees and a Democratic lawmaker immediately blasted the move as a setback for the pension systems and potentially an illegal exercise of executive power by Bevin.
Attorney General Andy Beshear said he's reviewing both the pension systems reorganization as well as Bevin's Friday order replacing the University of Louisville Board of Trustees. "Lawmakers mandated that these boards be independent," Beshear said.
Read more: www.courier-journal.com/story/news/politics/2016/06/17/bevin-abolishes-pension-board-creates-new-one/86052172/
A news release from Bevin says his order adds needed financial expertise to the board and establishes new transparency requirements that will be "critical in helping to address the state's pension system," which – with billions of dollars in unfunded liabilities – is one of the most poorly funded public pension systems in the United States.
But an advocate for retirees and a Democratic lawmaker immediately blasted the move as a setback for the pension systems and potentially an illegal exercise of executive power by Bevin.
Attorney General Andy Beshear said he's reviewing both the pension systems reorganization as well as Bevin's Friday order replacing the University of Louisville Board of Trustees. "Lawmakers mandated that these boards be independent," Beshear said.
Read more: www.courier-journal.com/story/news/politics/2016/06/17/bevin-abolishes-pension-board-creates-new-one/86052172/