Written by Jim Acquisto, Chief Deputy Sheriff Oldham County
When Attorney General Coleman ran for office, he promised to stand with law enforcement to make Kentucky safer. He promised to hold folks accountable to make Kentucky a better place to live, work, and raise a family.
And he’s doing just that – let me give you an example.
As a law enforcement veteran with county and state service, I know that Kentucky’s retirement system is important for financial security of thousands of Kentuckians. It’s been in the news a lot in recent years.
Finally, after a long-drawn-out legal battle involving the Commonwealth’s pension systems, Attorney General Russell Coleman has announced a $227.5 million settlement that will benefit Kentucky pension beneficiaries and taxpayers. This hard-fought victory underscores the importance of supporting our police officers, teachers, nurses, and other state employees.
Over seven years ago, a lawsuit was filed alleging that investment firms entrusted with Kentucky’s pension systems had made risky investments damaging pension systems’ finances. The case received significant attention to address the concerns of retirees reliant on these systems, like me.
The case was led by former Attorney General Daniel Cameron before he left office and was continued by Attorney General Coleman. Last month’s settlement announcement reaffirms that Kentucky’s legal system is committed to putting Kentuckians first and finding solutions that benefit us.
Set to be approved in March, the $227.5 million settlement will return funds to the Commonwealth and its beneficiaries. The settlement will be distributed among the Kentucky Public Pension Authority, the Kentucky Retirement System, and the County Employee Retirement System, in addition to covering the legal fees accumulated over the years. This is not just a clean slate; it provides a foundation for a stronger Kentucky pension system that can better meet future financial obligations.
It’s a significant win but attorneys representing four Kentucky public employees are trying to block the settlement.
Their request undermines the benefits that this settlement will bring retirees and future pension beneficiaries. Kentucky’s pension systems have made great strides in recent years, thanks to essential reforms by the Kentucky Public Pensions Authority and renewed commitments from our state leaders. We have come a long way since 2018 when the Kentucky Employees Retirement Systems was on the brink of insolvency. This settlement brings us closer to making sure we have solvent pension funds. Further delays are risky and make that harder.
With the freedom granted by the resolution, trustees have access to the top funds, strategies, and asset managers available to public pension systems. Without this settlement, we risk the financial security of public servants.
When we ask our fellow Kentuckians to step up and serve, whether that’s as state police, teachers, firefighters or other civil servants, we need elected officials who step up for them. That’s what this settlement does. It is a crucial step toward a more successful and stronger Kentucky.
Promises Made. Promises Kept.
It’s time for the judge to approve the settlement.
