William A. Thielen is postponing his retirement to remain executive director of the Kentucky Retirement Systems, Frankfort, the pension fund announced Friday.
At a special meeting Friday, the pension fund's board approved a new contract for Mr. Thielen starting Dec. 1 and continuing through June 30, 2018.
Mr. Thielen told the $15.7 billion pension fund in April that he would retire by the end of 2015. Executive search firm EFL Associates was hired in July to assist with a search for a new executive director.
Under the new contract, Mr. Thielen's annual salary will be $215,000. His current salary is $171,192.
Mr. Thielen could not immediately be reached for additional information.
“Thielen's experience with KRS, including his extensive background with the Kentucky legislative process, makes this a much better option during these challenging times than bringing in a new, much less experienced KRS executive director,” said Thomas K. Elliott, chairman of KRS' board of trustees in a news release.
KRS' funded status was 43.2% as of June 30, 2014.