The Lexington Herald-Leader reports that the Kentucky Retirement Systems (KRS) (the state’s pension system) spent over $700,000 of its medical insurance money on an ” ‘ill-advised’ real-estate deal, one that involved improper mingling of funds, a lack of basic investment research and internal conflicts of interest.”   

In 2006 KRS bought property adjacent to its Frankfort offices for $752,000, just a few months after the previous buyer paid $450,000 for it. KRS recently sold the land to the Kentucky State Police for a little over $300,000.

Read the complete Herald-Leader story.

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