Kentucky Retirement Systems is losing two of its top investment officials.
Chief investment officer Timothy "T.J." Carlson will depart Dec. 31 for the same post at the much larger — and much better funded — Texas Municipal Retirement System in Austin, Texas. KRS hired Carlson three years ago.
"It was just a good opportunity," Carlson said Wednesday.
Bo Cracraft, director of equity assets, also will leave Dec. 31 to run U.S. operations for a Christian nonprofit in Frankfort, KRS executive director William Thielen said.
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The Frankfort-based KRS administers pensions and health coverage for state and local government retirees. The system is badly underfunded, making it difficult to sustain long-term investments. At the close of 2012, KRS was $12.3 billion short of what it expected to need in coming years to honor its pension obligations, not counting medical care costs.