New Board Chairs Named for KPPA; Contract Approved for New Executive Director

Kentucky Public Pensions Authority (KPPA) trustees elected a new board chair and vice chair at their annual meeting. 

County Employees Retirement System (CERS) trustee Jerry Powell will once again chair the KPPA board. Powell replaces Kentucky Retirement Systems (KRS) Board member Keith Peercy who served as KPPA chair.

Since 2022 the board has been alternating board chairs between the two retirement systems. Powell made a motion during Thursday’s meeting to name Peercy as the vice chair of the KPPA Board of Trustees; the motion was unanimously approved.

The KPPA board also approved a $200,000 annual two-year contract with Ryan Barrow as the incoming KPPA executive director to start June 16, 2024, and expire June 20, 2026. Barrow had asked the board to consider a three-year contract, but the board declined preferring to keep two-year contracts the norm within the organization.

“I totally expect you’ll be here from the time you start until the time you retire,” KPPA trustee Lynn Hampton said during the meeting.

The board also approved an extension to outgoing Executive Director David Eager’s contract until the end of July, as an effort to give time for Eager to work with Barrow and allow him to meet with 25 legislators.

There is also an effort from George Cheatham to increase cooperation between the KRS and the CERS board by placing trustees from both boards to serve on KPPA committees for their expertise. The move would require amending multiple bylaws. There are already some joint committees, but this shift would allow for additional trustees of the CERS and KRS to work on behalf of KPPA.

Trustees expressed some caution of returning to “committees in the whole.” CERS split from KRS in 2021. A return would garner opposition from the legislature, Hampton said.

The board asked for research and a proposal to make changes to KPPA bylaws that the trustees could discuss at a future meeting, including the possibility of using ex-officio non-voting members on committees and an expansion of the Audit Committee by two trustees of the CERS and KRS boards.

The KPPA board is scheduled to meet again in June.