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Saturday, February 16, 2013

Potter County Retirement Fund At All-Time High

Potter County Retirement Fund At All-Time High

davidekPotter 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.

8 comments :

Anonymous said...

... increasing the benefits for retirees ...

WTF!!!

Anonymous said...

maybe it's time to grant current retirees a COLA. Been a long time since the last one.

Anonymous said...

Our commissioners are doing a fantastic job! Keep up the great work! The dedication you all put in and show is wonderful and much appreciated !

Anonymous said...

We need more good jobs in area to keep the younger people here! More people here over 50 then under!

Anonymous said...

9:39 - The commissioners have nothing to do with the performance of this fund so don't be so quick to pat them on the back. The fund is at the mercy of the market and that's why they pay a professional firm to manage it. DUH! Unfortunately you won't get that kind of information as long as these articles are written and provided by one of the named elected officials. Can you say CONFLICT OF INTEREST???????

Anonymous said...

I think the biggest issue that's not being addressed at the local, state, and federal level are these types of defined pension programs. Most private corporations have eliminated these types of pensions because they can't afford them. It's time for our elected officials to step up and be leaders and change the pension programs. Will it be a popular decision with gov worker's, absolutely not. But it's needed. Look out west, I think it was Wisconsin, the voters are finally getting smart and supporting their leaders to turn their state around. That state went from a deficit to a surplus. Don't get me wrong, I believe everyone is entitled to fair pay and benefits but not when it cripples a government. Oh yeah, not to mention our senators/reps get their own special retirement plans including health insurance. That's another whole can of worms.

Anonymous said...

I agree with the last comment.

Anonymous said...

Many years ago I remember seeing an article that Donald Gilliland wrote about this and he reported that the state mandates that county employees have these defined benefits plans or whatever they are called and the counties don't have a choice.