City of Fort Wright v. Board of Trustees of Kentucky Retirement Systems
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The Supreme Court affirmed the judgment of the court of appeals affirming the circuit court's determination that the Board of Trustees of the Kentucky Retirement Systems' (Board) investment authority with respect to the County Employees Retirement System (CERS) was governed by Ky. Rev. Stat. 61.650, holding that there was no error.
The Cities of Fort Wright, Covington, Taylor Mill, and Independence (the Cities) brought this action alleging improper investments by the Board in its management of CERS. The trial court granted the Board's motion for declaratory judgment, determining that the Board had broad discretion in making investments, see Ky. Rev. Stat. 61.650 and 61.545(21), and therefore, its investments were lawful. The court of appeals affirmed. At issue on appeal was whether the Board's authorized investments were controlled broadly by section 61.650, as argued by the Board, or more restrictively by Ky. Rev. Stat. 78.790, as argued by the Cities. The Supreme Court affirmed, holding that the circuit court correctly determined that the Board's investment authority was governed by section 61.650 and not by section 78.790.
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