KLC 2020 Legislative Update

9) RETIREMENT & PENSIONS
The CERS Board of Trustees shall manage the CERS trust, including investment decisions, actuarial
data, auditing, asset allocations, and medical and other professional services. The system shall publish an
annual financial report showing all receipts, disbursements, assets, and liabilities along with an annual
audit conducted in accordance with generally accepted auditing standards. At least once every five years,
the Auditor of Public Accounts shall perform the audit.
The Kentucky Public Pensions Authority providing administrative services to both the KRS and
CERS Boards of Trustees shall be composed of the chair and investment committee chair of each board and
two additional trustees from each board appointed by the chair of the board, for a total of eight members.
All employees of the Kentucky Public Pensions Authority, except for the executive director, shall be
subject to the state personnel system established pursuant to KRS 18A.005 to 18A.204 and shall have their
salaries determined by the secretary of the Personnel Cabinet. The authority shall annually report to the
Public Pension Oversight Board the number of employees of the authority, the salary paid to each
employee, and any change in the salaries of individuals employed by the authority over the prior year.
A noncodified section is added to provide the governor shall have no authority to change any
provision as it relates to reorganizing, replacing, amending, or abolishing the membership of the CERS
Board of Trustees, the KRS Board of Trustees, or the Kentucky Public Pensions Authority.
Effective April 1, 2021.
Representative Russell Webber (R-Shepherdsville)
speaks on the House floor before members pass HB
484 by a 90-4 vote.
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