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KDP Statement On Bevin’s “Less Than Stellar” Pension Record

FRANKFORT, KY — A report in the State Journal reveals that Matt Bevin’s experience managing pensions is “less than stellar” — detailing how Bevin’s company was paid millions in “above average” fees while retirement accounts underperformed and struggled: 

“While gubernatorial Republican candidate Matt Bevin has told voters his pension experience would help Kentucky’s pension systems, his former company was paid millions in fees when two pension funds it managed underperformed and one struggled to cover costs and still pay benefits.” 

"Curtis Loftis Jr., South Carolina state treasurer, criticized the state for using Wall Street-type private investors and found in a peer review from 2008-2012 the fund had performed in the lower 40 percent of similar public pension funds. Bevin’s company managed funds from 2005-2011…While the firemen’s pension has had to overhaul its benefit structure, an official who didn’t want to publicly speak for the board said board officials were reportedly told the investment gains would cover the managing costs.”

In response, today Kentucky Democratic Party Chairman Patrick Hughes issued the following statement: 

“Matt Bevin has spent the last months lying to Kentuckians about his abysmal record of pension mismanagement — just like Bevin lies about everything else. While Bevin’s company made millions in 'above average' taxpayer funded fees, Bevin was jeopardizing the retirement security of thousands of families — and now he wants to bring his same dishonest and risky approach to Kentucky’s pension system. It’s just more proof that Kentuckians cannot trust an 'East Coast Con Man' like Bevin with our pensions, or to serve as our governor.”