Steven Herbert v. Kentucky Public Pensions Authority

Court of Appeals of Kentucky·Decided August 14, 2026·No. 2025-CA-0114·Unpublished

Opinion

RENDERED: AUGUST 14, 2026; 10:00 A.M.

NOT TO BE PUBLISHED

Commonwealth of Kentucky

Court of Appeals

NO. 2025-CA-0114-MR

STEVEN HERBERT APPELLANT

APPEAL FROM FRANKLIN CIRCUIT COURT v. HONORABLE PHILLIP J. SHEPHERD, JUDGE ACTION NO. 22-CI-00966

KENTUCKY PUBLIC PENSIONS AUTHORITY APPELLEE

OPINION

AFFIRMING

** ** ** ** **

BEFORE: ACREE, CALDWELL, AND CETRULO, JUDGES. CALDWELL, JUDGE: Steven Herbert (“Herbert”) appeals from an Order of the Franklin Circuit Court’s granting summary judgment to the Kentucky Public Pensions Authority (“KPPA”) on his whistleblowing claims and denying his “Motion to File Under Seal,” where he requested that certain emails be considered as evidence. We affirm.

BACKGROUND

On January 16, 2021, Herbert first began employment as the Chief Investment Officer (“CIO”) for KPPA.1 As CIO, Herbert oversaw the investment of approximately $20 billion dollars for state and county retirement systems. Herbert’s employment in this position continued for approximately eighteen months before he received correspondence, dated May 31, 2022, that notified him of his termination from KPPA.

On December 16, 2022, Herbert filed suit against KPPA in Franklin Circuit Court, alleging he had been wrongfully terminated. The Complaint asserted claims of violation of the Kentucky Whistleblower Act (“KWA”), KRS2 61.101 et seq., as well as for fraudulent inducement and wrongful discharge in violation of public policy.

In his Complaint, Herbert alleged that his termination was in retaliation for disclosures of waste, fraud, and abuse he had made concerning two central issues. The first related to allegations of missing funds from Kentucky Retirement Systems and KPPA in the form of unpaid dividends owed by Perimeter

1 Herbert was hired as CIO on January 16, 2021, by the Kentucky Retirement Systems. However, not long after Herbert was hired, the governance structure of the Kentucky Retirement Systems changed. On April 1, 2021, the Kentucky Public Pensions Authority (“KPPA”) was created, and Herbert held the position of CIO, with KPPA as his direct employer until his termination in late May 2022. 2 Kentucky Revised Statutes.

Park West, Inc. (“PPW”). PPW is a real estate holding company responsible for buildings in Frankfort where KPPA staff worked.

Herbert’s Complaint alleged he had determined financial statements for PPW lacked appropriate supportive documentation. This led him to voice suspicion that the missing funds may have been misappropriated, diverted, or stolen. In response to his concerns, Herbert alleged an attorney from the legal department at KPPA informed him those funds had been embezzled by Crumbaugh Properties (“Crumbaugh”), a company that PPW had engaged for property management services. Herbert claimed he then began to advocate for the pursuit of legal action against Crumbaugh and recovery of the funds. He asserted that KPPA’s legal department had denied his suggestion and justified the decision by citing to “Crumbaugh’s connection with the Court system in Franklin County.” (Record on Appeal (“R.”) at p. 2).

The Complaint further alleged that Herbert continued to discover irregularities and deficits in PPW financial statements that totaled more than ten million dollars and “appear[ed] to be directly linked to the theft perpetrated by Crumbaugh Properties.” R. at 3. Herbert alleged his inquiries into the missing funds and why PPW’s books did not balance accordingly continued.

Subsequently, Herbert alleged, he “received an independent internal audit from 2019 that corroborated [his] concerns” and revealed “that Crumbaugh

Properties had full access to write checks from the PPW operational bank account[,]” as well as “a lack of oversight by [Kentucky Retirement Systems]/KPPA staff.” Id. The Complaint alleged that, in response, Herbert had “requested that all cash in PPW’s account be returned to the [Kentucky Retirement Systems] Trust for Trustee oversight.” Id. However, “[t]he Directors of PPW refused and kept approximately five hundred thousand dollars ($500,000) in cash in the PPW bank account.” Id.

The Complaint further alleged that after new auditors were hired to address concerns about external auditing practices, subsequent audits confirmed irregularities in the handling of pension funds by PPW. Nevertheless, “[his] efforts to disclose this issue were repeatedly thwarted by those in authority at KPPA.” R. at 3.

The second issue alleged in the Complaint was disclosure related to Herbert’s response to a request by memorandum from the County Employee Retirement Systems (“CERS”) Investment Committee dated September 28, 2021. The memorandum requested that Herbert provide a written description and flow chart that detailed:

[a]ny cash flows dealing with contributions (employer/employee) and distributions concerning the CERS Plans with particular focus on any process that directs cashflows to external accounts not under the oversight of the CERS Board of Trustees. That being, any other account used to receive/hold assets that

is not custodied at BNY Mellon, the Plans’ Custodian.

R. at 9.

After receiving the request, Herbert prepared a responsive document (the “Cash Flow Memo”), dated October 5, 2021. In the Cash Flow Memo, Herbert detailed that employee and employer contributions were received in one or more accounts at JP Morgan Chase Bank (“Chase”) as a Commonwealth depositor, rather than BNY Mellon. The Cash Flow Memo asserted that the use of depository accounts at the Commonwealth’s custodial bank, Chase, rather than BNY Mellon, the Kentucky Retirement Systems trust account, was a practice in noncompliance with applicable statutes.3 Additionally, the Cash Flow Memo asserted that placement of contributions and trust assets outside of the trust account resulted in the movement of funds “evading Board oversight.” R. at 13.

In response to his preparation of the Cash Flow Memo, the Complaint alleged, Herbert “received an email from KPPA Executive Director David Eager instructing [Herbert] not to inform the Trustees of this issue without clearing it with Eager.” R. at 4. It further alleged that Herbert was ordered to allow an investigation by Executive Director of Operations, Rebecca Adkins, to occur before informing the Trustees. Herbert alleged that the Finance Cabinet and an

3 The Cash Flow Memo asserts specifically that KPPA’s cash flow process was in violation of KRS 78.630; 78.782(13); and 61.660(2).

internal audit by KPPA both agreed with his conclusions regarding noncompliance with statutory mandates. Nonetheless, Herbert alleged, the questions raised in his Cash Flow Memo remained unaddressed.

Herbert alleged that in March of 2022, Adkins asked that he remove the Cash Flow Memo from materials for an upcoming April meeting of the Joint Audit Committee. Herbert refused and following the meeting, after receiving the Cash Flow Memo, the Joint Audit Committee postponed the closing of the audit pending further investigation on the cash flow issue—according to the allegations in his Complaint.

The Complaint alleged that, on May 24, 2022, KPPA counsel Michael Board presented a memo to the Joint Audit Committee laying out grounds upon which he contended the use of the Chase account was in statutory compliance. Herbert, however, disagreed with this option and asserted it had been presented without his knowledge or input. On May 31, 2022, Herbert received a letter signed by Executive Director Eager indicating his employment with KPPA was terminated “without cause.” Herbert’s Complaint alleged his “efforts to clear up processes at KPPA were consistently slowed or blocked up to and including the highest level of KPPA’s organization.” R. at 5.

KPPA answered the Complaint on January 9, 2023.

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