As a retiree receiving a pension from the Kentucky Retirement System, I am stunned by the appointment of Dr. William F. Smith to the KRS Board of Trustees.
Smith submitted an editorial to the Courier-Journal in June 2015 in which it appears that he possesses a misunderstanding of how our pension benefits are calculated. It seems that he was even questioning the foundation of the protection of our basic pension rights as defined by the “inviolable contract.” The inviolable nature of the agreement between the Commonwealth of Kentucky and its KRS retirees has been upheld by the highest court in the state. Upon careful analysis, it would appear that claims made by Smith are dubious to say the least.
While Smith is a respected dermatologist and a positive contributor to his community, given the dire circumstances facing KRS, all board appointments must be granted to those who have demonstrated a substantial level of expertise in pension matters.