Kentucky Employees Retirement System

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Kentucky Employees Retirement System
Basic facts
Location:Frankfort, Kentucky
Top official:John E. Chilton, chief executive officer
Year founded:1956
Active members:31,383
Website:Official website
Total assets under management
2022:$2,152,414,000
See also: Public pensions in Kentucky

The Kentucky Employees Retirement System (KERS) is a Kentucky state pension fund that provides retirement, disability, and survivor benefits to the state's employees and their families. The Kentucky Employees Retirement System had $2,152,414,000 ($2.2 billion) in total assets under management as of June 30, 2023.[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

Background

See also: Public pensions

The Kentucky Employees Retirement System, founded in 1956, operates as adefined benefit plan based on a formula established by Kentucky state law.These plans—based on the employee's length of service and salary—provide retirement, disability, and survivor benefits to the state's employees and their families.[1]

The Kentucky Employees Retirement System served over 31,383 active members and approximately 48,409 retirees and beneficiaries as of June 2023.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the Kentucky Employees Retirement System as of June 2023[1]

Kentucky Employees Retirement System performance (June 2023)
Fiscal year Percent funded Unfunded liabilities Total assets
96.3% $82,513,000 $2,152,414,000

Assets and asset management

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Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC.

More than 300 AMCs as of December 2022 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.[2][3]

List of AMCs contracting with the Kentucky Employees Retirement System

The Kentucky Employees Retirement System contracted with 145 asset management companies (AMCs) as of June 2022. Of those companies or funds, 6 were investor participants in Climate Action 100+, and 10 were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Kentucky Employees Retirement System:[4]

  • Abel Noser
  • Adams St SPC II A
  • Adams St SPC II B
  • American Century
  • Amerra AGRI Fund II
  • Amerra AGRI Holdings
  • Arcano Fund
  • Ares SSF IV
  • Arrowmark
  • Baring Euro Real Estate II
  • Baring Real Estate
  • Bay Hills EM PTNR I
  • Bay Hills EM PTNR II
  • Bay Hills EM PTNR III
  • Bay Hills II B
  • BDCM Oppt FD IV
  • BlackRock World Ex (NZAM, Climate Action 100+)
  • Blackstone Cap V
  • Blackstone Cap VI
  • Blackstone Strat Opp
  • Blue Torch
  • BSP Coinvestment
  • BSP Private Credit Fund
  • BTG Pactual
  • Capital Springs
  • Cerberus Capital Management
  • CM Growth I
  • Columbia
  • Columbia Cap Eq IV
  • Crestview Ptners II
  • Crestview Ptners III
  • CVC Capital Partners VI
  • DAG Ventures II QP
  • DAG Ventures III QP
  • DAG Ventures IV QP
  • DAG Ventures V QP
  • DB Private Equity
  • DCM VI LP
  • Divcowest IV
  • Essex Wood HLTH VIII
  • Franklin Templeton (NZAM, Climate Action 100+)
  • Fundamental Partners III
  • Green Eqty Invst V
  • Green Eqty Invst VI
  • Green Equity Inv VII
  • Greenfield Acq VI
  • Greenfield Acq VII
  • H & F Spock I, LP (Kronos)
  • H/2 Credit Partner
  • Harrison Street
  • Harvest Partners V
  • Harvest Partners VI
  • Harvest Partners VII
  • Hellman Friedman VI
  • HIG Bioventures II
  • HIG Cap Ptnrs V
  • HIG Venture Ptnr II
  • Horsley Brdg Intl V
  • IFM Infrastructure (NZAM, Climate Action 100+)
  • Internal TIPS
  • Internal US Mid Cap
  • Invesco (NZAM)
  • Invst Ven Ptrn XII
  • JP Morgan Emerging Markets (NZAM)
  • JW Childs Equity III
  • Kayne Anderson
  • KCP IV Co-Invest
  • Keyhaven Capital III
  • Keyhaven Capital IV
  • Lazard Asset Management (NZAM, Climate Action 100+)
  • Levine Leichtman Cap Ptnrs V
  • Levine Leichtman Fund VI
  • Loomis
  • Loomis Sayles Intmd
  • Lord Abbett
  • LSV Asset Management
  • Lubert Adler VII
  • Lubert Adler VII B
  • Luxor Capital
  • Magnetar MTP EOF II
  • Manulife Asset Management (Climate Action 100+)
  • Marathon Bluegrass
  • Matlinpatterson II
  • Matlinpatterson III
  • Merit Mezz FD IV
  • Mesa West Core Lend
  • Mesa West IV
  • MHR Inst Ptnrs III
  • Middle Ground
  • Middle Ground II
  • Middle Ground II X
  • Mill Road Capital
  • Myriad Opportunities
  • New Mtn Ptnrs II LP
  • New Mtn Ptnrs III LP
  • New Mtn Ptnrs IV LP
  • New State III
  • Next Century Growth
  • NISA
  • NTGI Int'l Small Cap
  • NTGI Structured
  • Nuveen Real Asset Income (Climate Action 100+)
  • Oak Hill Cap PT II
  • Oak Hill Cap PT III
  • Oberland Capital
  • OCM Opps FD VIIB
  • Patron Capital
  • Perimeter Park
  • Pine River
  • PRISMA Capital
  • Prologis Targeted US
  • Putnam
  • Pyramis Intl
  • Pzena Emerging Markets (NZAM)
  • River Road FAV
  • Riverside Apprec VI
  • Rubenstein PF II
  • S&P 500 Index (KRS Internal Managers)
  • Scientific Beta (KRS Internal Equity)
  • Shenkman Capital
  • SRS Partners US
  • Stockbridge SM/Mkts
  • Strategic Value IV
  • Strategic Value Partners V
  • Sun Cap Ptrns
  • Taurus Mine Finance
  • TCV
  • Tortoise Capital
  • TPF II
  • Tricadia Select
  • Triton Fund IV
  • VantagePoint 2006
  • VantagePoint IV
  • Vista Eq Ptnr FD III (NZAM)
  • Vista Eq Ptnr FD IV (NZAM)
  • Vista Eq Ptnr FD VI (NZAM)
  • Walton St RE VI
  • Walton St RE VII
  • Warburg Pincus PE IX
  • Warburg Pincus PE X
  • Waterfall
  • Wayzata Opps FD II
  • Wayzata Opps FD III
  • Westfield Capital
  • White Oak Yield Spectrum Fund

Governance and accountability

This section features information about the nine-member board of trustees that oversees the Kentucky Retirement System, which oversees both the Kentucky Employees Retirement System and State Police Retirement System. The board is specific to oversight of the Kentucky Retirement System and does not exercise oversight duties for other state funds.[5]

Board selection method

The board of trustees that oversees the Kentucky Employees Retirement System is made up of nine members. Six trustees are appointed by the governor, two are elected by the KERS members, and one by the State Police Retirement System (SPRS). The governor's appointments must be confirmed by the Senate.[5]

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of Kentucky Employees Retirement System. The following individuals served on the board as of July 2023:[5]

  • Lynn Hampton, chair
  • Keith Peercy, vice chair
  • C. Prewitt Lane
  • Crystal Miller
  • David Adkins
  • Mary G. Eaves
  • Pamela F. Thompson
  • Ramsey Bova
  • William Summers V

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 kyret.ky.gov, "Kentucky Employees Retirement System: Annual comprehensive financial report for the fiscal year ended June 30, 2023," accessed July 15, 2024
  2. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  3. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  4. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  5. ↑ 5.0 5.1 5.2 kyret.ky.gov, “KRS,” accessed July 15, 2024
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