FRANKFORT, KY (January 13, 2021): David L. Harris, chairman of the Kentucky Retirement Systems Board of Trustees, and Trustee Matthew Monteiro have announced their resignations from the Board. They are effective from April 1, 2021.
Both men were appointed to the board by then-Governor Matt Bevin – Mr. Harris in June 2016 and Mr. Monteiro in August 2017. Mr. Harris’ term was to expire in June 2022 and Mr. Monteiro’s in June 2023.
Following Mr. Harris’ appointment, he was named to the KRS Investment Committee and subsequently elected chair of the Committee. In April 2018 he was elected chair of the Board of Trustees and removed himself as Investment Committee chair. He later served again as Investment Committee chair before C. Prewitt Lane became chair, and also served for a time as chair of the Actuarial Subcommittee.
Under Mr. Harris leadership, KRS in 2017 completed a reassessment of its economic assumptions, leading the Board to adopt more conservative expected rates of return – 5.25% for the Kentucky Employees Retirement System Non-Hazardous and State Police Retirement System pensions and 6.25% for all other pension and insurance plans. KRS also restructured its investment portfolio to better align the risk and liquidity requirements of the plans.
“I have been privileged in being asked to lead our state’s pension fund turnaround efforts during the last five years,” Mr. Harris said. “The KRS Board of Trustees, the Kentucky Legislature, and the Kentucky Governor’s Office have spent significant time and energy on this pressing need. Special mention goes to the Public Pension Oversight Board (PPOB) committee members, as their due diligence and understanding of the legislation needed to support our turnaround efforts has proved invaluable. We have turned the tide. Keep up the focus and maybe someone will remember that the 2016-2021 era was the pivoting point in solving our state’s underfunded pension system.”
David Eager, Executive Director of KRS, thanked Mr. Harris for his leadership and called him “fair, inclusive, and a major contributor to improving the management and oversight of KRS. I also owe him a huge debt or gratitude on behalf of the KRS staff, the members of the PPOB, the legislators, and the members of the Governors’ offices with whom he gained so much respect and credibility. The citizens of this great Commonwealth and its taxpayers have been well-served.”
Mr. Harris is Chief Executive of MCF Advisors, a Kentucky-based investment management firm.
During his tenure on the Board, Mr. Monteiro was a member of the Investment Committee and the Actuarial Subcommittee. He started his contract CFO services firm, Bulletproof Finance, in August 2018.
“As a Chartered Financial Analyst, Matt brought institutional investment experience to the board and the Investment Committee,” said Mr. Eager. “With KRS having $20 billion in assets under our control, having that investment expertise is crucial.”
Keith Peercy, vice chair of the Board of Trustees, said, “The steady leadership provided by Mr. Harris has been invaluable to the Board. He and Mr. Monteiro are excellent people who have dedicated numerous hours in service to KRS members. I thank them both for their service and wish them the best.”
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Kentucky Retirement Systems is responsible for the investment of funds and administration of pension and health insurance benefits for over 394,000 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