Law gives Public Pension Oversight Board broader review
FRANKFORT, Ky. (March 24, 2015) — Gov. Steve Beshear on Monday signed into law House Bill 47, which allows the Public Pension Oversight Board to review the Legislators’ Retirement Plan, the Judicial Retirement Plan and the Kentucky Teachers’ Retirement System.
The 13-member 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.