Governor Steve Beshear's Communications Office
Gov. Beshear Signs Public Pension Oversight Measure
House Bill 47 gives Public Pension Oversight Board broader review
FRANKFORT, Ky. – Governor Steve Beshear took another step to strengthen oversight of state-administered retirement systems by signing into law House Bill 47.
The measure allows the Public Pension Oversight Board to review the Legislators’ Retirement Plan, the Judicial Retirement Plan and the Kentucky Teachers’ Retirement System.
“I have worked with lawmakers over the last several years to fully honor our commitments to state workers and retirees, address the state’s credit rating and improve transparency and legislative oversight of the Kentucky Retirement Systems,” Gov. Beshear said. “House Bill 47 adds three additional retirement systems to the review of the Public Pension Oversight Board, bringing all of the public employee pension systems under common oversight to help strengthen them to ensure their long-term reliability.”
The Public Pension Oversight Board was created from legislation in 2013 that stabilized and modernized the Kentucky Retirement Systems. At that time, the board was given the authority to review only the Kentucky Retirement Systems, which includes the pension systems for the Kentucky State Police, Kentucky Employees and County Employees.
House Bill 47 gives the board the authority over state-administered retirement systems, allowing it to analyze and provide oversight to the General Assembly on benefits, administration, investments, funding, laws and administrative regulations and legislation.
The Public Pension Oversight Board has 13 members including six lawmakers; an individual with financial experience appointed by each chamber of the General Assembly; representatives from the offices of the state budget director, the auditor and the attorney general; and two appointments by the Governor who have financial expertise.
House Bill 47 changes terms on the board from three years to four. The measure also removes the prohibition on members and retired members from serving in the appointed positions on the oversight board.