Potter County Retirement Fund At All-Time HighPotter County Employees’ Retirement Fund has been steadily recovering from the deep recession of 2008 and early 2009. Last week’s quarterly report on the fund is good news for county taxpayers since, under state law, they’re on the hook to bolster the account if it plunges too far.
An advisor from C. S. McKee, the company that manages the plan, gave an optimistic report to the county’s Retirement Board. Jeff Davidek said the fund has grown by an annual rate of 7.18 percent over the past three years, and went up by 10.32 percent in 2012. These figures are in line with actuarial goals. Generally, when the fund earns 7.5 percent or more over a period of five years, the county does not have to draw from taxpayers to support it, Davidek said. If the goals are consistently exceeded, the Retirement Board may consider increasing the fixed benefits contained in the plan for retirees.
The fund is still subject to market volatility, which is why Potter and 40 other counties have retained C. S. McKee to manage it. Balance is at an all-time high of $11.96 million as of Jan. 31. The year is forecasted to be a good one for stocks, with earnings that could exceed 10 percent, Davidek told the board. Retirement Board members are Commissioners Susan Kefover, Paul Heimel, and Doug Morley, Treasurer Krista Miller, Chief Clerk Kathleen Majot.