Today at 3PM Louisville Teachers filed a Federal Lawsuit against their own retirement system for cutting take home pay nearly 4%. Besides the trustees and staff of the Kentucky Teachers Retirement System (KTRS) they name Frankfort Politicians, Wall Street Money managers and even their own union.
This Federal class action suit claims that the mismanagement of the Kentucky Teachers Retirement Systems (KTRS) which has created the worst funded state teacher plan in the U.S. has been put on the backs of Teachers as it forced the teacher's employee contribution up forty percent , which resulted in a nearly 4% cut in take home pay.
The KTRS mismanagement suit was originally filed in Jefferson Circuit Court, where the Judge said it would have to be refilled in Franklin Circuit Court. Dr.Wieck is concerned that the KTRS attorney's hiring of the Franklin Circuit Judges son as his law clerk would prevent a fair trial in that court. Given the recent initiative by the FBI on public corruption in Kentucky and the success of 7 counties in Federal Court against Kentucky pension corruption, Dr.Wieck decided to file in Federal Court.
Chris Tobe, CFA
Public Pension Consultant