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KPPA ratifies internal audits, hires Eide Bailly as external auditor and hears investment updates
Summary
The board ratified two internal audit reports and authorized staff to implement corrective actions, approved Eide Bailly as external auditor for the ACFRs, and received investment updates including approvals to pursue up to $75 million (KRS/SPRS) and $100 million (CERS) in the Strategic Value Special Situations Fund VI, pending legal review.
The Kentucky Public Pensions Authority on Sept. 25 ratified two internal audit reports and authorized KPPA staff to implement corrective actions, and approved an engagement letter naming Eide Bailly as the external auditor for the Annual Comprehensive Financial Reports (ACFRs).
Kristen Coffey reported the Audit Committee’s review of '2025-9 Review of the Accounts Payable Process' and '2025-11 Review of the Accrual Process' and asked the Board to ratify acceptance; Mr. O’Mara moved to ratify and Ms. Hampton seconded. The motion and authorization for corrective actions passed unanimously.
Mike Lamb presented the engagement letter with Eide Bailly, summarizing auditor responsibilities, framework, timing and fees. The Board voted unanimously to approve Eide Bailly as KPPA’s external auditor for the ACFRs.
Anthony Chiu provided an Investment Department update. The KRS Investment Committee approved staff recommendations to invest up to $75 million in the Strategic Value Special Situations Fund VI (Real Return allocation) to be shared among KRS and SPRS plans, subject to legal negotiations. The County Employees Retirement System Investment Committee approved staff recommendations to invest up to $100 million in the same fund (Private Equity allocation) for CERS plans, also pending legal review. Chiu highlighted fiscal-year performance surpassing assumed actuarial rates and noted Real Return and Specialty Credit as key contributors to performance.
