The Kentucky Retirement Systems Board of Trustees plans next month to interview candidates for the position of executive director.
Search committee chairman Wally Pagan said he's pleased with the results of the recruitment consultant Hudepohl & Associates. The board awarded a recruiting contract to the company in August with a flat fee of $59,650 plus expenses.
The company received approximately 70 rsums, although not all applicants were qualified.
"I'm very pleased, the performance has been excellent," Pagan said.
The search committee has drafted a profile to screen the pool down to 10 candidates. Pagan says the committee will begin interviewing the top candidates next month and could select a finalist before Jan. 1.
"That could be a little aggressive," Pagan said. "However, we have not closed the door on rsums yet. If a top-notch candidate applies, we would still consider them."
The search committee decided to hire a consultant after it received only eight applicants in the first round of advertisements.
Bill Hanes retired in June as executive director but agreed to stay on until a successor was hired. He's earning $115 per hour as an "at-will" employee.
The board of trustees also held its regular quarterly meeting on Thursday and allocated up to $1 million for renovations at Perimeter Park West Building B. The Department of Revenue was the most recent tenant but employees will be relocated to the renovated State Office Building on Mero Street.
The Department of Corrections agreed to an eight-year lease but asked the Kentucky Retirement Systems to invest in some capital improvements as part of the agreement.
The Department of Revenue processed tax returns in Building B during its occupancy. The renovations will convert the space into an office environment by adding walls and installing doors.
Bill Thielen, chief operations officer, said the improvements could take six months and expenses would be recovered by the lease payments. Thielen said the proposal is a good way to lock in another tenant. The decision to consolidate agencies will leave more than 300,000 square feet of rental space vacant in Frankfort, he said.
Adam Tosh, chief investment officer, said the capital improvements would actually be a good investment with a long-term rate of return of about 8 percent.
Board members toured the 45,000 square foot facility after the meeting adjourned Thursday.
The board also decided on Thursday to implement a formal education and training program. General Counsel Eric Wampler reported that six trustees of the San Diego pension fund are facing criminal charges after being accused of misconduct.
Trustee Lynn Harpring said the board should implement a continuing education program in order to insure all board members are properly trained. The board already does some training at workshops and seminars, but he says it should be incorporated into a formal policy.
Board president Randy Overstreet said he would work with staff to develop a written policy. Maryland requires pension trustees to attend eight hours of fiduciary training each year.
Thursday's meeting was likely the last for Hanes, as well as Personnel Secretary Brian Crall. Crall is a member of Gov. Ernie Fletcher's administration and Fletcher lost his bid for re-election to Democratic challenger Steve Beshear.
However, one new trustee was sworn in: Fletcher appointed Lou Reynolds in October and his term expires in 2011. He replaces Larry Conner of Lexington who was originally appointed by Gov. Paul Patton.
Reynolds received a bachelor's degree in business administration from Wittenberg University in 1962. He has experience in banking and insurance and was a pension consultant for 32 years before he retired in 2004.
He also served on the Oldham County School Board, and as chairman, helped create the Kentucky School Board Insurance Trust.
Five members of the retirement trustee board are elected and the governor appoints four.