KPPA Exec. Dir. Contract Extended One Month; Agency Reorganization Will Come Before Legislature Again

Kentucky Public Pensions Authority (KPPA) Executive Director David Eager will remain with the agency until the end of July while incoming Executive Director Ryan Barrow gets his feet under him.

During a quarterly KPPA meeting, the board voted to extend Eager’s contract from July 1 to July 31 to assist in the transition to new Executive Director Ryan Barrow. The paperwork was ready for signatures on Thursday to get the contract extension to the state Finance Cabinet. Eager will be paid his same salary for one extra month, a total of $19.080, essentially paid as a 12th of his $228,960 yearly salary.

Eager said he has meetings scheduled to introduce Barrow to lawmakers, including Rep. D.J. Johnson and Kentucky Public Retirees President Jim Carroll. Barrow officially started in the role on June 16.

Barrow said he was thankful to Eager for staying on in his position and assisting in the executive director transition.

Reorganization

The KPPA will again attempt to reorganize despite the legislature’s chilly reception to the idea in the past legislative session. The new reorganization effort will come before the Kentucky General Assembly in the 2025 legislative session.

The reorganization effort would establish the Office of Financial Management, which would be managed by Chief Financial Officer Michael Lamb. The Office of Financial Management would consist of the current accounting division, the newly established division of investment operations, and a compliance officer.

Investment operations currently exist in the division of accounting as a branch of KPPA. The KPPA argues that the duties of the investment operation branch differs “significantly” from other accounting tasks which warrant a separate division. If approved, the division would also create a new non-merit director position.

The KPPA is also requesting to establish a non-merit special assistant position, who would have the working title of compliance officer. The position would be established in the newly created Office of Financial Management.

The meeting is available to watch on Facebook.