Kentucky Auditor: Pension Funds Not Following Transparency Law

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FRANKFORT, Ky. (AP) – Kentucky’s state auditor says two of its largest public pension systems haven’t been properly disclosing information about how they invest money and pay investment managers in the spirit of a 2017 law requiring more transparency.

News outlets report State Auditor Mike Harmon held a news conference Tuesday morning in Frankfort to share the results of an audit of Kentucky Retirement Systems and Teachers’ Retirement Systems.

Auditors found that KRS hasn’t posted 243 of its 281 investment contracts on its website and TRS hasn’t posed 136 of its 167 investment contracts on its website. Harmon says KRS also allowed managers to do their own redactions on contracts that are posted.

KRS Executive Director David Eager and TRS General Counsel Beau Barnes say sharing all information could be detrimental to investments.