Commonwealth Policy Center

Kentucky’s pension and management fees were kept out of public scrutiny for years until the legislature passed a law requiring greater transparency. This was a good step. However, according to a report by Kentucky Auditor Mike Harmon the pension systems fall “drastically short” of complying with the law. After Harmon performed the audit on the pension system, he discovered that the funds failed to disclose how much they pay money managers and how they invest their money. Harmon said, “KRS has abdicated its responsibility to abide by the Open Records Act.” Given the scrutiny of the public retirement systems, Harmon said, “stakeholders and taxpayers have a right to know how funds are being invested, and who is investing them.”