►
Description
No description was provided for this meeting.
If this is YOUR meeting, an easy way to fix this is to add a description to your video, wherever mtngs.io found it (probably YouTube).
A
A
Present
in
the
committee
room
being
being
that
we
have
no
minutes,
we
can
move
on
from
that
and
we'll
have
her
get
or
if
they're
visiting
remotely.
We
have
dave
david,
eager
who's,
the
executive
director
of
the
kppa
and
rebecca
atkins,
who
is
the
deputy
executive
director
and
ask
that
you,
both
as
you
introduce
yourself
and
state
your
names.
Please.
A
C
Yeah,
mr
chair,
with
your
permission,
I'd
like
to
make
a
few
opening
comments.
I
will
say
that
rebecca
our
deputy
executive
director
is
most
closely
tied
to
the
budget
process
and
she'll
take
the
the
bulk
of
this
presentation,
but
I
think
it's.
I
think
it's
wonderful,
that
we
have
opportunity
to
interact
with
the
legislators
and
we
are
greatly
appreciative
of
the
help
we've
gotten
since,
particularly
since
2014
with
senate
bill
2,
the
installation
of
tier
3.
C
we've
worked
hard
to
get
our
assumptions
in
line
in
2017,
which
resulted,
unfortunately,
in
substantially
higher
contributions
for
the
state
for
employers,
but
it
was
required.
We
were
so
so
poorly
found
that
we
we
needed
to
tap
into
the
resources,
and
we
we
understand
it's
painful,
but
we
greatly
appreciate
it.
The
passage
of
how
house
bill
eights
has
helped
solve
the
problem
we
have
with
the
declining
employer,
payrolls
and
the
resulting
skyrocketing
of
contributions
to
unsustainable
levels.
C
We
are
with
you.
We
are
again
we're
quite
quite
appreciative
of
the
opportunity
we
we
welcome
inquiries
and
calls
and
questions
not
only
during
this
meeting,
but
at
any
time
we
really
welcome
legislators
to
reach
out
to
us
if
they
have
questions
or
constituent
issues.
So
with
that,
I
will
turn
it
over
to
rebecca
and
thank
you.
D
Good
morning,
I
think
I
have
the
mic
on
now.
Yes,
okay,
so
we
had
a
very
brief
presentation
for
you
on
our
powerpoint,
because
we
only
got
part
of
your
questions
at
the
beginning.
I
think
we
got
it
all
straightened
out,
so
I
have
a
whole
list
of
your
particular
questions.
I'll
just
work
through
them.
If
that's
okay
with
you
guys
and
then
feel
free
to
interrupt
at
any
point.
D
So
the
first
question
was:
why
doesn't
or
why
didn't
kppa,
expend
all
of
its
2021
appropriation,
so
at
2021
you
can
see
on
our
slide.
We
had
48
million
888
200
in
our
budgeted
and
we
expended
35
million
750
000.
D
That's
pretty
much.
The
pattern
for
kppa,
especially
since
pensions,
have
become
so
underfunded.
We
leave
some
wiggle
room
in
the
budget
for
major
legislation.
Implementation,
usually
the
the
turnaround
time
on
those
are
is
pretty
small,
and
so
we
we
don't
know
if
we
have
to
go
out
and
get
some
outside
help
to
get
that
done
in
a
timely
manner
or
if
we
would
require
some
overtime.
So
we
we
leave
quite
a
bit
of
room
in
the
budget.
For
that.
D
The
fiduciary
duty
that
we
have
is
to
the
members
of
the
trust
to
the
to
the
plan
itself
and
to
the
members
in
that
trust.
So
we
don't
spend
anything
that
we
don't
have
to
spend
we're
very
careful
about
all
of
that.
Any
money,
that's
unspent.
It's
all
restricted
funds
that
come
straight
out
of
the
trusts
and
returns
to
the
trust
at
the
end
of
the
fiscal
year
or
more
likely
was
never
pulled
down
in
the
first
place.
So
we
monitor
how
much
spending
is
going
on
and
we
don't
pull
down.
D
C
Rebecca
can
I
make
one
quick
comment.
Of
course,
the
the
35
million
750
is
about
17
basis
points
on
our
average
assets
last
year,
it's
about
less
than
16.
On
the
final
instance,
the
last
I
saw
industry
norms
were
somewhere
between
17
and
19..
So,
if
you
think
about
us
in
terms
of
peer
groups,
we
are
in
the
range-
and
we
are
certainly
much
more
complicated
and
complex
than
the
average
system.
So
as
a
kind
of
a
from
a
from
a
thermometer
standpoint,
we're
98.6.
D
D
It's
what
just
over
a
million
budgeted
we
asked
in
21
and
again
for
2324.
We
asked
for
a
flat
to
keep
the
budgeted
what
it
was.
The
additional
amount
is
from
the
office
of
the
state
budget
director
and
he's
that
group
is
looking
at
expected
personnel
expenses.
I
think
this
year,
one
of
the
things
they
were
looking
at
is:
could
we
put
27
payroll
periods
in
the
current
year
or
so
that
we
can
go
back
to
the
to
the
july
being
paid
in?
D
Excuse
me
to
the
june
being
paid
in
july
and
not
the
other
way
around
like
it
has
been
for
several
years,
so
we
asked
for
48
million
5
500,
which
is
what
our
budget
we've
been
working
off
of
for
22..
So
the
the
48116
is
reflective
of
these
defined
calculations
that
the
office
of
state
budget
director
adds,
as
is
the
48
587
2
and
the
48
766
for
23
and
24.
D
We
still
expect
to
be
well
under
both
of
those
I
gave
you
the
expenditures
for
the
for
the
last
few
fiscal
years.
I
gave
you
the
22
expenditures
here
at
19.9,
that
is,
as
of
december
31.
D
D
Here
you
asked
for
specific
details
and
I'm
sorry
I
don't
have
a
slide
for
this.
For
23
and
24
staffing,
kppa
staffing.
We
have
a
cap
of
270,
we
generally
hover
around
250,
not
because
we
don't
want
to
be
at
270,
but
because,
with
the
same
issues,
all
the
other
agencies
are
having
in
the
state
and
that's
turnover
and
the
application
process,
and
and
just
trying
to
keep
that
going
so.
Staff
salaries
are
about
75
to
77
percent
of
the
budget,
so
they're
36.3
or
37.7
million
of
the
48
587.
D
service
contracts.
So
I'm
sorry,
the
salaries
include
salaries,
retirement
benefits,
other
kinds
of
benefits
over
time.
All
of
that
would
fall
under
that
75
service
contracts.
So
things
like
the
actuary,
which
is
one
of
our
major
service
contracts,
the
external
auditor,
multiple
legal
contracts,
those
service
contracts,
are
about
3.1
million
operations,
which
includes
information,
technology,
rent
travel
training,
office
expenses,
things
like
that
are
eight
to
nine
million
dollars
for
a
total
of
48.6
and
48.7
million
on
23
and
24.
D
D
Trying
to
get
it
right,
I
missed
the
date,
so
we
had
to
submit
in
kbud
by
11
1
and
the
boards
weren't
meeting
until
after
that,
but
they
have
all
seen
it
so
cers
finance
committee
saw
it
first
on
11
3..
They
don't
vote
on
it.
The
kppa
board
votes
on
it,
but
others
want
to
see
it.
So
the
crs
finance
committee
saw
it
on
11-3.
The
full
cers
board
saw
it
on
11
10..
B
Reed,
thank
you
chairman.
You
answered
the
question
on
that,
but
going
forward
from
this
point
on
how
do
you
have
plans
on
preventing
that
bringing
your
plan
before
the
board
instead
of
after
the
fight?
I.
D
Do
I
do
so
september
is
their
regular,
quarterly
meeting
it's
probably
too
early,
but
I
don't
know
that
for
sure
I'm
hoping
that
we
can
give
them
a
really
good
idea
of
what
we
want
and
get
their
feedback
and
make
the
changes
that
they
wish
in
september.
But
if
not
they'll
have
to
have
a
special
call
to
meeting,
because
they
have
september
quarterly
meetings
and
they
have
november
quarterly
meetings.
D
You
asked
for
a
review
of
our
org
structure,
including
the
number
of
employees,
so
the
sierra
statute
78782
sets
up
the
crs
board,
which
is
a
nine
member
board.
Three
of
them
are
elected
by
the
by
the
membership.
D
The
other
six
are
appointed
by
the
governors
from
lists
from
kentucky
league
of
cities
or
kentucky
association
counties
or
the
school
board
association
they
can
employ.
They
have
to
employ
two
one
chief
executive
officer,
the
ceo
of
cers,
is
is
here
this
morning.
Ed
owens
is
over
here
in
the
corner,
and
then
they
have
to
employ
a
legal
counsel.
They
can
employ
either
a
firm
or
a
person.
It
doesn't
have
to
be
a
person
both
boards
have
elected
to
employ
firms.
D
D
A
Moment
I
have
a
question
from
representative,
graham
okay,
good
thanks.
D
Okay,
the
kppa
board
is
our
third
board.
It
has
eight
members.
All
of
them
are
members
of
the
other
two
boards,
so
the
chairs
of
each
board
are
by
statute
part
of
that
board.
The
chairs
of
the
investment
committees
are
by
statute
part
of
that
board,
and
then
each
of
the
board
chairs
also
nominate
or
appoint
a
elected
person
and
a
non-appointed
person
on
that
board.
So
eight
total
on
that
board
that
one
does
not
have
a
chief
executive
officer.
It
has
an
executive
director.
B
B
I'm
just
saying
in
the
75
just
period
our
contracts,
okay,.
D
B
B
D
D
The
auditor
legal
contracts-
there
are
other
general
contracts,
medical
examiners,
things.
A
D
B
B
D
D
Okay
and
then
the
last
question
you
guys
had
was
how
are
the
costs
associated
with
the
funds
so
by
statute?
It
all
comes
from
the
pension
funds.
Health
insurance
does
not
pay
for
any
of
the
administrative
expenses,
so
we
have
five
funds.
Kk
hazardous
cc,
hazardous
and
state
police.
D
Historically,
that
has
been-
and
I
gave
you
some
history
here-
that
has
been
based
on
membership
as
of
6
30,
the
previous
fiscal
year,
so
for
fiscal
21
membership,
6
30
of
2021
moving
forward
into
fiscal
year.
Excuse
me
2020
fiscal
year:
21
has
the
31.24
of
administration
would
go
k,
non-hazardous
3.34
goes
to
k,
hazardous
and
so
on.
As
you
can
see
on
this
per
the
changes
with
when
the
when,
under
the
new
governance
structure,
the
three
boards
kppa
has
the
requirement
the
statutory
requirement
to
decide
how
they're
going
to
do
that.
D
They
are
preparing
a
recommendation
that
then
they'll
take
to
kppa
at
the
next
quarterly
meeting,
which
is
march
24th,
and
at
that
meeting
then
kppa
will
have
to
decide
if
they're
going
to
accept
that
recommendation
in
full
or
if
they'll
tweak
it.
You
know
they're
looking
at
something
other
than
this,
or
perhaps
a
hybrid
of
that
they've
looked
at
a
whole
lot
of
of
possibilities
so
more
to
come
on
that,
but
kba
will
have
to
decide
that
and
then
they'll
have
to
decide
as
well.
D
D
That
is
the
end
of
the
questions
that
that
you
guys
sent
me
ahead
of
time.
Is
there
anything
else
I
can
answer
for
you.
A
I
want
to
thank
you,
ms
atkins,
for
coming
in
and
thank
you
executive
director
eager.
Do
we
have
any
questions?
Yes,
representative,
reed.
B
Just
just
a
few
on
the
newly
created
positions:
did
the
kppa
board
approve
the
newly
created
deputy
director
position,
or
does
the
executive
director
have
sole
authority
over
the
appointment.
B
D
I'm
sorry
can
I
add
one
thing
to
that:
mr
eager
could
respond
more
completely,
but
but
he
does
consult
with
the
chairs
and
things
like
that.
He
talked
to
them
ahead
of
time
before
making
that
choice,
but
he
doesn't,
they
don't
have
to
vote
through
it.
Yeah.
C
But
yes,
most
recently
in
the
recent
past,
rebecca
was
appointed
deputy
executive
director
and
I
had
the
authority
to
do
that
on
my
own,
but
I
consulted
with
both
the
k
and
the
c
and
the
kppa
chairs
advising
this
is
what
I
wanted
to
do
and
seeking
their
blessing,
and
I
got
it
wholeheartedly.
D
That's
also
61
505,
8,
b
and
c.
It's
still
it's
a
statutory
record
that
that
he
sets
compensation
and
controls
the
270.
A
Thank
you.
I
do
have
a
question.
Ms
atkins
for
the
2122
budget.
You
have
an
additional
request
of
hundred
1
two.
Let's
see
one
million
three
hundred
two
thousand
five
hundred
dollars,
that's
a
new
appropriation.
Could
you
explain
what
that's
what
what
what
that's
being
used
for,
or
why
we're
needing
that?
I'm.
A
D
D
C
A
B
Thank
you,
mr
chairman.
One
more
on
on
administrative
charges
is
the
krs
staff
executive
director
general
counsel.
Are
their
salaries
being
charged
to
cers
their
face.
B
D
Being
charged
by
this
percentage
in
2022,
but
that's
the
decision,
the
kppa
board,
will
the
small
group
is
making
recommendations
on
and
the
large
group
is
the
kbba
board
as
a
whole
will
vote
in
in
march?
They
could
put
it
off.
I
mean
they
could
extend
the
discussion
longer
than
march,
but.
A
I
grow
a
little
wiser
every
year,
especially
since
serving
chair
of
this
budget
review
subcommittee,
and
it's
because
of
you
being
able
to
come
here
and
actually
share
this
information
with
us
and
it
is
truly
truly
appreciated.
Do
we
have
any
other
questions
that
will
conclude?
Thank
you
very
much,
and
that
has
us
for
our
meeting
and
can
I
get
a
motion
to
adjourn
second
where's
jerk.