Politics & Government

Two investment officials leaving Kentucky Retirement Systems

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.

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.