The Kentucky Retirement Systems (KRS) Board of Trustees approved a nearly 90% pay raise for Chief Executive Officer (CEO) John Chilton. KRS hired Chilton in 2021 and agreed to an initial one-year contract paying him $40,000. The board voted on Monday for another one-year contract and increased Chilton’s annual salary to $75,000.
The County Employees Retirement System (CERS) will pay Chilton’s salary through June 30, 2024. House Bill 484 (2020) attributed administrative costs associated with separation to CERS. Interpretation of the measure resulted in the Kentucky Public Pensions Authority (KPPA) billing CERS for KRS salaries and equipment. Legislators passed House Bill 297 in the 2022 session to sunset that provision and ensure that the systems share regular administrative costs equally.
During Monday’s KRS meeting, KPPA Executive Director David Eager commented that KPPA would begin a search soon for a new chief financial officer (CFO). He expressed optimism that KPPA would find a good candidate in Kentucky.