We published this a couple hours ago on Page One but feel like it’s a good idea to share.
According to Seven Counties President & CEO Anthony Zipple? Absolutely:
Beginning in 2006, the wheels began to fall off KERS and, with them, the ability of many organizations, including community mental health centers, to afford the generous retirement benefits.
Three primary reasons led to a deficit of at least $23.6 billion in the state employee retirement system: 1) Inadequate appropriations of public funds for the public entities involved; 2) mismanagement and poor investment strategies by KERS; and 3) poor stock performance.
It takes guts to step up and speak out about the mismanagement and poor investments at Kentucky Retirement Systems but there’s much more to this story.
His anger is palpable. But the wheels have been falling off KERS since 2002. Greedy directors have merely hoped those wheels would be reattached so their six-figure pensions could be preserved.
You’ll want to read the rest of this by clicking here…