A news report in the Louisville Business Journal said, in addition to the four investment experts and continuing education, the system will conduct a survey to better determine its optimum asset allocation and will ax administrative regulations found to hamper its ability to invest effectively.
A news release fromGovernor Steve Beshear said the recommendations adopted by the system’s board were developed by the state’sPublic Pension Working Group, which found thatKentucky’s public pension systems had significantly trailed the average investment returns of other state pension systems by about $5 billion over the last 10 years.
“In these tough economic times, it’s especially important that we be vigilant to protect the pensions of our teachers and minimize the taxpayer funding necessary to keep our pension systems solvent,” Beshear said in the press release. “Every dollar of investment earnings translates into one less dollar that taxpayers need to contribute to these funds.”
Beshear said in the news release that he will release additional recommendations on other issues addressed by the pension study group in coming weeks.