FRANKFORT, Ky. — David L. Harris, chairman of the Kentucky Retirement Systems Board of Trustees and Trustee Matthew Monteiro, have announced their resignations from the board, effective April 1.
Both men were appointed to the board by then-Gov. Matt Bevin – Harris in June 2016 and Monteiro in August 2017. Harris’ term was to expire in June 2022 and Monteiro’s in June 2023.
Following Harris’ appointment, he was named to and elected chair of the KRS Investment Committee. In April 2018, he was elected chair of the board of trustees and removed himself as investment committee chair. He later served again as investment committee chair before C. Prewitt Lane became chair, and also served for a time as chair of the Actuarial Subcommittee.
Under Harris’ leadership, KRS in 2017 completed a reassessment of its economic assumptions, leading the Board to adopt more conservative expected rates of return – 5.25% for the Kentucky Employees Retirement System Non-Hazardous and State Police Retirement System pensions and 6.25% for all other pension and insurance plans. KRS also restructured its investment portfolio to better align the risk and liquidity requirements of the plans.
Monteiro was a member of the investment committee and the Actuarial Subcommittee. He started his contract CFO services firm, Bulletproof Finance, in August 2018.