FRANKFORT, KY – The Kentucky Public Pension Authority (KPPA) and the systems it operates have been recognized by two separate organizations for financial reporting and plan funding and administration.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded its Certificate of Achievement for Excellence in Financial Reporting to the Kentucky Public Pensions Authority (KPPA) for the Authority’s Annual Comprehensive Financial Report (ACFR).
In addition, the Public Pension Coordinating Council (PPCC) named the County Employees Retirement System (CERS) and the Kentucky Retirement Systems (KRS) as winners of its Public Pension Standards Award for Funding and Administration for 2024.
This year’s GFOA award recognizes the ACFR for the fiscal year ended June 30, 2023. It is the 25th time the GFOA has so honored KPPA for its financial reporting.
The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by the recipient and its management.
The GFOA advances excellence in government finance by providing best practices, professional development, resources, and practical research for its members and the communities they serve. KPPA’s annual report was judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the annual report. The report is available on KPPA’s website, https://kyret.ky.gov, under the Publications & Forms tab.
The PPCC is a coalition of three national associations representing public retirement systems and administrators: The National Association of State Retirement Administrators (NASRA), the National Council on Teacher Retirement (NCTR), and the National Conference on Public Employee Retirement Systems (NCPERS).
The PPCC’s recognition award for administration goes to retirement systems that certify that they meet five assessment requirements:
- Have a comprehensive benefit program;
- Complete an actuarial valuation at least every two years;
- Get an unqualified opinion from an independent audit using Generally Accepted Accounting Principles (GAAP);
- Follow written investment policies and fiduciary standards and obtain an annual investment performance evaluation from an outside investment review entity; and
- Provide and regularly update a handbook or summary plan description for members, provide an annual benefit statement to members, and hold at meetings of the system’s governing board at least quarterly with adequate public notice.
The organization’s recognition award for funding goes to retirement systems with funded ratios of 100%, contribution rates equal to or greater than 100% of the Annual Required Contribution, or with board-approved plans to achieve one or both of those things.
As of June 30, 2024, KPPA managed $26.9 billion in pension and insurance assets for hazardous and nonhazardous state and local employees, and the Kentucky State Police.
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The Kentucky Public Pensions Authority is responsible for the investment of funds and administration of pension and health insurance benefits for over 433,000 active and retired state and local government employees, state police officers, and nonteaching staff of local school boards and regional universities.
Visit our website at
https://kyret.ky.gov