Kentucky Governor Replaces Pension Board With Oversight Panel

Governor Matt Bevin replaced the Kentucky Retirement Systems Board of Trustees with a new oversight panel charged with addressing the $35 billion underfunded liability.

The Republican governor named four individuals “all of whom have investment experience,” to a new entity tasked with “securing, managing and overseeing in a fiduciary capacity” the worst funded state public pension in the U.S., the governor said in a statement. The four will join a 17-member board called the Kentucky Retirement Systems Board of Directors, whose other members currently serve as trustees.

The governor expects the new board to provide “focused expert vision and purpose” in dealing with the pension, according to the release.