Spurred by a contract extension and hefty raise for Kentucky Retirement Systems' director, two state lawmakers are introducing a bill to make the state’s public pension agencies more transparent.

State retirees and a member of the state Senate leadership are voicing sharp displeasure with a 25 percent raise given last Friday to the top official of the financially struggling Kentucky Retirement Systems.

Already home to one of the most underfunded public pension plans in the nation, Kentucky Retirement Systems is losing further ground through its investment choices.

Independent candidate for governor says KRS’ alternative investments require more transparency, public accountability.

Following media reports last year, Kentucky Retirement Systems promised more disclosure. Now, the pension plan for public employees is reporting its annual investment expenses are running 75 percent higher than reported in previous years.

The former manager of a New York investment fund holding $24 million for Kentucky Retirement Systems has pleaded guilty to charges that he looted $9.3 million from the fund and falsified its financial records.

Just as the Kentucky Center for Investigative Reporting learned eight months ago, a Louisville high school teacher has been told that financial details about his state-funded retirement plan are secret and can’t be disclosed.

In response to the Kentucky state pension plan’s willingness to pay hefty fees for billions of dollars in investments it can’t publicly disclose, one state representative said Thursday he is introducing a bill to make pensions subject to state open-access laws.

Kentucky Retirement Systems, which runs the $16 billion pension and health care funds for state, city and county workers and retirees, will be providing more detail about the fees it pays to the managers of its so-called “alternative” investments.

A look into the secretive Kentucky Retirement Systems and the $15.7 billion under its control. For the roughly 340,000 state, city and county workers and retirees, there are more questions about their investments than answers.