David L. Harris, chairman of the Kentucky Retirement Methods Board of Trustees, and Trustee Matthew Monteiro are resigned from the Board efficient April 1.
Each males have been appointed to the board by then-Governor Matt Bevin – Harris in June 2016 and Monteiro in August 2017. Harris’ time period was to run out in June 2022 and Monteiro’s in June 2023.
Following Harris’ appointment, he was named to the KRS Funding Committee and subsequently elected chair of the Committee. In April 2018 he was elected chair of the Board of Trustees and eliminated himself as Funding Committee chair. He later served once more as Funding Committee chair earlier than C. Prewitt Lane turned chair, and likewise served for a time as chair of the Actuarial Subcommittee.
Below Harris management, KRS in 2017 accomplished a reassessment of its financial assumptions, main the Board to undertake extra conservative anticipated charges of return — 5.25% for the Kentucky Workers Retirement System Non-Hazardous and State Police Retirement System pensions and 6.25% for all different pension and insurance policy. KRS additionally restructured its funding portfolio to raised align the danger and liquidity necessities of the plans.
“I’ve been privileged in being requested to steer our state’s pension fund turnaround efforts over the past 5 years,” Harris stated. “The KRS Board of Trustees, the Kentucky Legislature, and the Kentucky Governor’s Workplace have spent important time and vitality on this urgent want. Particular point out goes to the Public Pension Oversight Board (PPOB) committee members, as their due diligence and understanding of the laws wanted to assist our turnaround efforts has proved invaluable. Now we have turned the tide. Sustain the main focus and possibly somebody will keep in mind that the 2016-2021 period was the pivoting level in fixing our state’s underfunded pension system.”
David Eaer, govt director of KRS, thanked Harris for his management and known as him “truthful, inclusive, and a serious contributor to bettering the administration and oversight of KRS. I additionally owe him an enormous debt or gratitude on behalf of the KRS employees, the members of the PPOB, the legislators, and the members of the governors’ places of work with whom he gained a lot respect and credibility. The residents of this nice Commonwealth and its taxpayers have been well-served.”
Harris is chief govt of MCF Advisors, a Kentucky-based funding administration agency.
Throughout his tenure on the board, Monteiro was a member of the Funding Committee and the Actuarial Subcommittee. He began his contract CFO providers agency, Bulletproof Finance, in August 2018.
“As a Chartered Monetary Analyst, Matt introduced institutional funding expertise to the board and the Funding Committee,” stated Keen. “With KRS having $20 billion in belongings underneath our management, having that funding experience is essential.”
Keith Peercy, vice chair of the Board of Trustees, stated, “The regular management supplied by Mr. Harris has been invaluable to the Board. He and Mr. Monteiro are glorious individuals who have devoted quite a few hours in service to KRS members. I thank them each for his or her service and need them the most effective.”