The Kentucky Retirement Systems board of directors fired executive director Mike Burnside and replaced longtime chairman Randy Overstreet, citing SEC inquiries and other policy violations.
"The majority of us thought it was time for a change," said KRS board of trustees member Christopher Tobe.
Tobe claimed recent inquiries into KRS' business practice by the SEC and state auditor Crit Luallen prompted the change. In addition, attorney general Jack Conway ruled this week that KRS violated the Kentucky Open Records Act by refusing to report staff salaries to a retiree who requested them on February 10. KRS told Eva Smith-Carroll that her request was "unduly burdensome" and refused to turn the records over, but Conway's ruling forces KRS to give her the records.
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"It's just the overall sense that there's too much stuff going on here, and we need to go in a different direction," Tobe said in an interview with the Lexington Herald-Leader.
Overstreet's replacement, Jennifer Elliott, has already been elected. The board named chief operating officer Bill Thielen as interim executive director, and will be naming an ad hoc committee of the board to work on finding a new candidate.
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