A top state pension executive told legislators on Wednesday that a bill requiring greater transparency of the pension systems for Kentucky’s public employees would be harmful to his agency.
Regardless, a Senate committee unanimously approved the bill.
The bill would make the pension systems for state workers, teachers and state officials subject to open records requests. Pension managers would also have to disclose investment holdings, fees and manager commissions. Investment contracts would be subject to review by the state auditor and legislative committees.
State Sen. Joe Bowen, a Republican from Owensboro, said the changes have been demanded by Kentucky residents.
“They want accountability, they want transparency and they want us to have the capacity to be proactive on these challenges that we’re facing in today’s world, as opposed to being reactive,” Bowen said.