FRANKFORT, Ky. — The Public Pension Oversight Advisory Board met Monday to discuss investment updates of the Kentucky Public Pension Authority (KPPA), the Kentucky Teacher Retirement System (TRS), and the Judicial Form Retirement System (JFRS).
The committee heard from David Eager, executive director of the Kentucky Public Pensions Authority. Eager explained that the performance is currently above the benchmark equal to $55.9 million.
“The positive cash flow is due to the increase in the member contribution rate,” said Eager. “We aren’t sure of the liability yet. We should have an estimate by sometime in July. Though, going forward, we think that the direction is positive.”
Beau Barnes, deputy executive secretary and general counsel for the Teachers’ Retirement System, reported that Kentucky placed in the top 49% of the nation for the net quarter gain amount of 3.36%.
“The teachers will get their contract payments regardless of the market payment. The taxpayers are the ones that are benefiting from the outperformance that generated $5.3 billion,” said State Rep. Jim DuPlessis, R–Elizabethtown, co-chair of the pension committee.
The committee also heard from Bo Cracraft, executive director of Judicial Form Retirement System. Following the request of the committee, JFRS mimicked the KPPA form of updates.
“The cash flow increased, driven by a strong performance,” Cracraft said.