In another act of Executive Order, Governor Bevin announced Friday afternoon he had abolished the Kentucky Retirement Systems Board of Trustees and replaced it with a newly renamed board in order to give the system a fresh start.
The newly created Kentucky Retirement Systems Board of Directors comes on the heels of Governor Bevin removing previous Board Chair Tommy Elliott in April.
In a press release sent out Friday afternoon, the Governor’s office said the “reorganization will provide a more focused, expert vision and purpose, designed to carry out the objectives honoring the expectations of current retirees and employees. It will also help promote and achieve greater transparency, expertise, efficiency and improved administration of the Kentucky Retirement Systems.”
With the Executive Order, the Governor appointed four new members of the Board and the thirteen current Board members will all remain. The newly appointed members of the Board are William S. Cook, David L. Harris, Neil Ramsey and State Budget Director John Chilton. Members John R. Farris and David L. Eager were appointed Chairman and Vice Chairman.
Gov. Bevin stated this reorganization is a critical step in addressing the $35 billion underfunded pension system.
This announcement comes after Bevin also used executive power to reorganize the University of Louisville Board and Trustees and the Workers’ Compensation Nominating Commission.