HomeMy WebLinkAboutSupport of HB 484 - CERS SeparationRESOLUTION
A RESOLUTION OF THE CITY OF PADUCAH, KENTUCKY, IN SUPPORT OF HOUSE
BILL 484 THAT WILL REORGANIZE THE KENTUCKY RETIREMENT SYSTEMS AND
CREATE AN INDEPENDENT COUNTY EMPLOYEES RETIREMENT SYSTEM BOARD
OF TRUSTEES.
WHEREAS, the City of Paducah, Kentucky, has employees vested in the County
Employees Retirement System;
WHEREAS, employer contribution rates for the County Employees Retirement System
continue to increase, putting a strain on municipal budgets;
WHEREAS, total assets of the County Employees Retirement System are about $13.5
billion, and it is 76% of pension assets controlled by the Kentucky Retirement Systems;
WHEREAS, the current 17 -member Kentucky Retirement Systems Board of Trustees has
only six seats for County Employees Retirement System representatives;
WHEREAS, the Kentucky Retirement Systems Investment Committee has no County
Employees Retirement System representatives and the Actuarial Subcommittee has only one seat
for a County Employees Retirement System representative;
WHEREAS, the Kentucky Retirement Systems earns investment income for the County
Employees Retirement System below amounts earned by peer groups, and investment income is
a vital component of improving the pension system's funding level;
WHEREAS, a CERS Board of Trustees solely focused on investment decisions, actuarial
data and asset allocations of the County Employees Retirement System would ensure decisions
made for the system are in its best interest;
WHEREAS, House Bill 484creates a nine -member County Employees Retirement
System Board of Trustees whose sole responsibility is the management of the County Employees
Retirement System;
WHEREAS, it is in the best interest of the City of Paducah, and its employees that the
County Employees Retirement System functions in an affordable and actuarially sound manner;
NOW, THEREFORE, BE IT RESOLVED That the Board of Commissioners of the City
of Paducah, supports House Bill 484 and calls upon the General Assembly and legislators
representing this community to pass the measure to reorganize the Kentucky Retirement Systems
and create an independent County Employees Retirement System Board of Trustees.
MAYOR
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Lindsay Parish, Ci
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Adopted by the Board of Commissioners, March 10, 2020
Recorded by Lindsay Parish, March 10, 2020
\resoln\Support of HB 484