Thursday, September 02, 2010
Retirement System Seeks Audit
KENTUCKY...
The Kentucky Retirement Systems is asking for an audit of its use of placement agents that have collected nearly $15 million in fees since 2004.
The KRS Board of Trustees audit committee on Wednesday voted to ask state auditor Crit Luallen to review the agents due to questions about the large payments while the $12.5 billion fund is struggling to keep up with pension and health care commitments.
The board released an internal audit on Aug. 12 that disclosed the names of placement agents and their fees but identified no serious problems.
The Lexington Herald-Leader reports that the agents are paid by private investment funds to help sell their products to KRS, although KRS pays fees to the investment funds to cover their expenses.
The Kentucky Retirement Systems is asking for an audit of its use of placement agents that have collected nearly $15 million in fees since 2004.
The KRS Board of Trustees audit committee on Wednesday voted to ask state auditor Crit Luallen to review the agents due to questions about the large payments while the $12.5 billion fund is struggling to keep up with pension and health care commitments.
The board released an internal audit on Aug. 12 that disclosed the names of placement agents and their fees but identified no serious problems.
The Lexington Herald-Leader reports that the agents are paid by private investment funds to help sell their products to KRS, although KRS pays fees to the investment funds to cover their expenses.
# posted by Homer Owens @ 9:53 AM 
