An audit has found the Kentucky Workers’ Compensation Funding Commission paid about $510,000 to a private financial adviser when the law requires it to use state-employed advisers.
State auditor Crit Luallen said the commission has paid Morgan Stanley Smith Barney $40,000 to $50,000 a year since 1999. State law requires the commission to use the Kentucky Finance and Administration Cabinet’s Office of Fiscal Management.
Luallen’s audit found no evidence of conflicts of interest.
The commission, which manages more than $350 million in assets, has agreed to begin using the Office of Fiscal Management as its financial adviser.
Board member Jeff McIntosh said he is the person who asked for the audit. He said he is not satisfied with the boardÕs response because nobody inside the agency has explained why it ignored the law.
Topics Workers' Compensation Kentucky
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