UNOFFICIAL COPY 23 RS BR 904
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A JOINT RESOLUTION directing the establishment of the Public Pension 1
Administration Advisory Committee of the Public Pension Oversight Board. 2
WHEREAS, Kentucky has multiple state-administered retirement systems and 3
plans, including the Kentucky Employees Retirement System (KERS), the State Police 4
Retirement System (SPRS), the County Employees Retirement System (CERS), the 5
Teachers' Retirement System (TRS), the Judicial Retirement Plan (JRP), and the 6
Legislators' Retirement Plan (LRP); and 7
WHEREAS, three separate boards oversee administration of the systems, including 8
the Kentucky Retirement Systems (KRS) board of trustees, which administers KERS and 9
SPRS, the TRS board of trustees, and the Judicial Form Retirement System (JFRS) board 10
of trustees, which administers LRP and JRP; and 11
WHEREAS, legislation enacted in 2021 separated CERS from the administration of 12
the KRS board of trustees and established the CERS board of trustees for CERS 13
administration and the Kentucky Public Pensions Authority (KPPA) to continue day-to-14
day operations of KERS, CERS, and SPRS on behalf of the two boards; and 15
WHEREAS, KPPA, TRS, and JFRS each retain separate consultants for actuarial, 16
investment, and other administrative services and separate staffing structures; and 17
WHEREAS, there are economies of scale that could potentially provide savings to 18
the Commonwealth through coordinated, aggregated, or consolidated actuarial, 19
investment, or other administrative services; and 20
WHEREAS, continuing to clearly define the roles of the KRS and CERS boards 21
and the KPPA, which performs day-to-day administrative services for the KRS and 22
CERS boards, is essential for the operation of these funds; and 23
WHEREAS, KRS 7A.260 authorizes the establishment of advisory committees of 24
the Public Pension Oversight Board; 25
NOW, THEREFORE, 26
Be it resolved by the General Assembly of the Commonwealth of Kentucky: 27 UNOFFICIAL COPY 23 RS BR 904
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Section 1. Pursuant to the Public Pension Oversight Board's authority under 1
KRS 7A.250 and 7A.260, the board shall establish the Public Pension Administration 2
Advisory Committee, whose duties shall include: 3
(1) Evaluating options for coordinating, aggregating, or consolidating actuarial, 4
investment, or general administrative services among the state-administered retirement 5
systems to determine potential savings, efficiencies, and desirability as a matter of public 6
policy; and 7
(2) Examining additional legislative or administrative action that may be 8
necessary to clearly define the roles of the KRS, CERS, and KPPA boards and to ensure 9
the efficient and productive operation of systems administered by the KRS and CERS 10
boards. 11
Section 2. The Public Pension Administration Advisory Committee shall 12
submit a list of findings and recommendations to the Public Pension Oversight Board no 13
later than December 1, 2023. 14
Section 3. The state-administered retirement systems shall promptly provide 15
necessary staff, data, research, information, and other requested support to assist the 16
advisory committee in the performance of its duties. 17
Section 4. Notwithstanding any other provisions of this Resolution to the 18
contrary, the Legislative Research Commission shall have the authority to alternatively 19
assign the issues identified herein to an interim joint committee or subcommittee thereof, 20
and to designate a study completion date. 21