Kentucky Retirement Systems
KENTUCKY RETIREMENT SYSTEMS BOARD SUPPORTS COMPREHENSIVE AUDIT
At a special meeting held on October 23, 2015, the Kentucky Retirement Systems (KRS) Board of Trustees unanimously approved a resolution requesting State officials to initiate and conduct a comprehensive audit and peer benchmarking study of the KRS organization. An abbreviated audit has been called for by gubernatorial and auditor candidates, the Kentucky Chamber of Commerce, and others.
The Board’s resolution notes that “numerous audits, investigations, inquiries and studies” have been conducted on KRS in recent years (see attached list) and that none of these inquiries have “disclosed any significant issues with the administration of KRS”. However, it is the opinion of Board members that another entirely independent and comprehensive audit would address issues that have been raised about the management of the retirement system and will no doubt result in recommendations for operational improvements. In order to ensure that the audit is independently conducted, the KRS Board recommends that it be conducted by experts hired by the Kentucky Auditor of Public Accounts and financed by the Kentucky General Assembly with funds that are entirely separate from moneys appropriated for and paid to KRS.
A copy of the complete resolution can be found here. Copies of the resolution will be sent to the Governor of Kentucky, members of the Kentucky General Assembly, Public Pension Oversight Board members, and the Kentucky Auditor of Public Accounts. Any questions regarding the resolution should be directed to Bill Thielen, KRS Executive Director at 502-696-8444.