# Kentucky County Employee Retirement System Insurance Plan

Kentucky County Employee Retirement System Insurance Plan is an Insurance based in Frankfort, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Frankfort, United States
- **Region:** North America
- **Address:** Frankfort, KY, United States
- **Assets under management:** Undisclosed
- **LinkedIn:** linkedin.com/company/kentucky-retirement-systems-insurance-trust-fund

## Regulatory record

- **Reports private funds:** No

## About

The Kentucky County Employee Retirement System (CERS) Insurance Plan is an asset pool within Kentucky's broader public-pension framework, administered by the Kentucky Public Pensions Authority (KPPA). The trust fund holds assets designated to pay health insurance premiums for retired county workers, a group distinct from the main pension membership. CERS — one of three systems under KPPA alongside the Kentucky Employees Retirement System (KERS) and State Police Retirement System (SPRS) — operates with an investment committee chaired by Dr. Merl Hackbart and managed day-to-day by KPPA's executive director David Eager and CIO Steve Willer. Investment strategy relies entirely on private equity buyout commitments. Unlike other public plans that diversify across venture capital, secondaries, or infrastructure, the Insurance Plan targets established buyout funds seeking control positions in mature companies. The plan benchmarks its performance against the Wilshire Trust Universe Comparison Service, a peer-group measurement tool used by institutional allocators to evaluate relative returns. No direct co-investments or individual portfolio-company names appear in available public disclosures. The trust's physical footprint is limited to Frankfort, Kentucky, where KPPA offices at Perimeter Park West, 1260 Louisville Road, house the administrative staff. The CERS Insurance Plan does not maintain a separate website or publish standalone annual reports — it functions as an internal portfolio within the larger KPPA structure. Board and investment committee meeting minutes are the primary source of operational updates. The plan's structural distinction lies in its beneficiary group: it exists solely to fund post-employment insurance, not pension checks. This narrow liability stream — healthcare premiums for retired county workers — creates a long-duration, inflation-sensitive obligation that a pure buyout portfolio is mandated to offset. Unlike a traditional pension fund that must balance monthly benefit payments with liquidity needs, the insurance trust can commit capital to closed-end, illiquid vehicles with a horizon that matches its expected healthcare cost trajectory.

## Sectors

- Private Equity

## People

- Ed Owens III — Chief Executive Officer
- Steve Willer — Chief Investment Officer, Kentucky Public Pensions Authority
- David Eager — Executive Director, Kentucky Public Pensions Authority
- Dr. Merl Hackbart — Chair, CERS Investment Committee

## Questions

### What is the relationship between CERS Insurance Plan and the Kentucky Public Pensions Authority?

The CERS Insurance Plan is administered directly by the Kentucky Public Pensions Authority (KPPA), which manages three retirement systems: CERS, KERS, and SPRS. KPPA's investment staff, led by CIO Steve Willer, handles portfolio construction for the insurance trust as part of their overall CERS mandate.

### Who oversees investment decisions for the CERS Insurance Plan?

The CERS Investment Committee, chaired by Dr. Merl Hackbart, governs the plan. Daily execution rests with KPPA's executive director David Eager and CIO Steve Willer, whose team sources and monitors the buyout fund commitments.

### How does the insurance trust's investment mandate differ from a standard pension fund?

The insurance trust specifically funds healthcare premiums for retired county employees, not pension benefits. This narrower liability structure — long-duration, inflation-sensitive healthcare costs — allows the plan to commit heavily to illiquid, high-return strategies like buyout funds without the liquidity demands of monthly benefit payrolls.

## Related profiles

- [Keller Independent School District](https://altss.com/profile/keller-independent-school-district-kisd)
- [Kentucky Employees' Retirement System Hazardous Insurance Plan (KERS-H Insurance)](https://altss.com/profile/kentucky-employees-retirement-system-hazardous-insurance-plan-kers-h-insurance)

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Last updated: 2026-08-10T19:36:47.593Z

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