Louisville Metro Government - File #: R-037-20

• File #: R-037-20
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 2/26/2020
• In control: Government Oversight and Audit Committee
• On agenda: 3/19/2020
• Final action: 3/19/2020
• Title: A RESOLUTION SUPPORTING THE REORGANIZATION OF KENTUCKY RETIREMENT SYSTEMS AND THE CREATION AN INDEPENDENT COUNTY EMPLOYEES RETIREMENT SYSTEM BOARD OF TRUSTEES.
• Sponsors: David James (D-6), Bill Hollander (D-9), Madonna Flood (D-24), Anthony Piagentini (R-19), Barbara Sexton Smith (D-4)

Date	Ver.	Action By	Action	Result
3/19/2020	1	Metro Council	adopted
3/10/2020	1	Government Oversight and Audit Committee	recommended for approval
3/5/2020	1	Metro Council	assigned

RESOLUTION NO. _______________, SERIES 2020
TITLE
A RESOLUTION SUPPORTING THE REORGANIZATION OF KENTUCKY RETIREMENT SYSTEMS AND THE CREATION AN INDEPENDENT COUNTY EMPLOYEES RETIREMENT SYSTEM BOARD OF TRUSTEES.
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SPONSORED BY: PRESIDENT JAMES AND COUNCIL MEMBERS HOLLANDER, SEXTON SMITH, PIAGENTINI, AND FLOOD

WHEREAS, Louisville/Jefferson County Metro Government ("Louisville Metro") has employees invested in the County Employees Retirement System;
WHEREAS, Louisville Metro has the second most covered employees in the County Employees Retirement System, constituting 5.39% of the total system as of June 30, 2019;
WHEREAS, employer contribution rates for the County Employees Retirement System continue to increase, putting a strain on municipal budgets;
WHEREAS, total assets of the County Employees Retirement System are about $13.5 billion, and it is 76% of pension assets controlled by the Kentucky Retirement Systems;
WHEREAS, the current 17-member Kentucky Retirement Systems Board of Trustees has only six seats for County Employees Retirement System representatives;
WHEREAS, the Kentucky Retirement Systems Investment Committee has no County Employees Retirement System representatives and the Actuarial Subcommittee has only one seat for a County Employees Retirement System representative;

WHEREAS, the Kentucky Retirement Systems earns investment income for the County Employees Retirement System below amounts earned by peer groups, and investment income is a vital component of improving the pension system's funding level;
WHEREAS, a CERS Board of Trustees solely focused on investment decisions, actuarial data and asset allocations of the County Employees Retirement System would ensure decisions made for the system are in its best interest;
WHEREAS, in 2014 and 2017, the Legislative Council of the Louisville/Jefferson County Metro Government ("the Council") approved resolutions supporting the separatio...