In 2008, investment fees at Kentucky Retirement Systems were $12 million.
In 2011, those fees rose to $47 million paid to Wall Street middle men.
Feel free to take a look (Warning: External PDF Link) at the KRS financials from 2011 for details.
That’s a nearly 300% increase.
More fees = more money for kickbacks. Increasing fees by $30 million gives you a lot more money to make political contributions and lobbying.
So it’s just a coincidence that legislators like Damon Thayer are playing pat-a-cake with pension “reform.”