Having notified its 15,500+ friends and supporters yesterday that “three special called meetings of [the Kentucky Public Pension Authority] boards [were scheduled] in the next two days in executive session to discuss litigation,” Kentucky Government Retirees posted the following on Facebook today:
“The KRS board met for about two hours and took no action after its closed session.
“The CERS board this afternoon voted to ‘support the KPPA's compliance with Judge Shepherd's order to release the Calcaterra report.’ The full KPPA board meets at 9 a.m. tomorrow.
“So, to clarify the situation, the KRS board met this morning and took no vote after coming out of executive session. Later in the day, the CERS board met and voted in open [session] to support the KPPA complying with the Franklin circuit court order to release the internal investigation into KRS hedge fund investment activities. Tomorrow at 9 a.m., the eight-member KPPA board, consisting of four KRS and four CERS trustees, will meet to discuss litigation.”
KGR is a labor organization advocating for members of the Kentucky Employee Retirement System and the State Police Retirement System. It’s 15,500 Facebook friends and supporters are well-served by KGR’s ever-vigilant director, Jim Carroll.
Speculation abounds in the aftermath of today’s developments.
Will KPPA’s board — whose members are equally divided between KRS members and CERS members — be deadlocked at tomorrow’s meeting? If so, what does an impasse import for the cases — Glenn Cohen v KPPA and Jordan White v KPPA?
Clearly, the clock is ticking on the ten day deadline for production of the Calcaterra report to Cohen, White, and the public — along with additional deadlines — imposed by Franklin Circuit Judge Phillip Shepherd on August 25.
Equally clearly, the potential for bad optics just increased exponentially.
Let’s hope the KPPA members don’t add insult to injury by violating the open meetings law (KRS 61.810(2)) in advance of tomorrow’s meeting by conducting serial less than quorum meetings to discuss this important decision.