Bevin abolishes retirement board, creates new one

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FRANKFORT, Ky. (WKYT) - Governor Matt Bevin announced he is creating the Kentucky Retirement Systems Board of Directors. This new board will take the place of the Kentucky Retirement Systems Board of Trustees, which Bevin announced on Friday that he is abolishing.

In a release, The governor's office said the Kentucky Retirement Systems Board of Directors will be charged with the responsibility of securing, managing and overseeing the combined retirement systems in a fiduciary capacity. The release went on to say that the reorganization is critical in helping to address the state’s pension system which is underfunded by over $35 billion.

Four new members were appointed to the board. Members who were on the form board will get seats on the new board.

The new members are William S. Cook, David L. Harris, Neil P. Ramsey and John E. Chilton. Members John R. Farris and David L. Eager were appointed Chairman and Vice Chairman.

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