Well, now here's a real shocker about Kentucky's pension-investment expenses: "Kentucky’s pension plan for public employees says that its annual investment expenses are running 75 percent higher than reported in previous years," reports the Kentucky Center for Investigative Reporting.

Included in the report is analysis by former KRS trustee Chris Tobe, who, as reporter James McNair reports: "KRS has squandered pension holders' money by paying high fees for riskier investments with lower returns than unmanaged stock market index funds," and that "KRS’ investment underperformance of the last five years comes to about $1.5 billion, a third of which stems from hidden fees."

Public retirees and state workers should be very concerned that so many dollars in the troubled Kentucky Retirement Systems are being sucked up just in spending related to investing their retirement dollars.