Lawmaker: Pension audit will result in follow-up legislation

FRANKFORT, Ky. (AP) – A Kentucky lawmaker is predicting the General Assembly will consider a bill to bring public pension systems in sync in complying with a law requiring more transparency.

Republican Sen. Jimmy Higdon said Monday that a state audit showed the Kentucky Retirement Systems and Teachers’ Retirement System are interpreting parts of the 2017 law differently. The audit said the pension systems fell short of complying with the law requiring them to disclose how they invest their money and how much they pay money managers.

Higdon says uniformity is needed on such issues as redactions on investment contracts posted for public review.

The audit said KRS allowed investment managers to do their own redactions. TRS has a process to handle redaction requests in writing from money managers.

A pension oversight board on Monday reviewed the audit.