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Saturday, August 17, 2013

County Retirement Fund Continues Recovery

County Retirement Fund Continues Recovery

August 12th, 2013
pension-fundPotter 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 10.88 percent over the past three years. 

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 $12.8 million as of July 31, Davidek told the board. Retirement Board members are Commissioners Susan Kefover, Paul Heimel, and Doug Morley, Treasurer Krista Miller, Chief Clerk Kathleen Majot.


Why? said...

... consider increasing the fixed benefits ...


What's gonna happen in a few years when the stock market drops again?

Anonymous said...

If you look two stories down on this blog you can read about "Time Running Out for Those Who Owe 2011 Taxes". So for all you working stiffs who can't pay your taxes, work a little harder so as we can bolster up the county workers retirement accounts with that added tax monies. Problem solved!

Anonymous said...

Why should tax payers have to make up the difference if the stock market falls? If I invest money money in the market or where-_every no-one guarantees me I will not make or lose money. If the state mandates the County'pay the difference let the STATE PAY

Anonymous said...

Hey 4:41 that is a real stretch. If you look at your tax bill you will see that the school district takes about 70 percent an the borough takes about 20 percent an the county about 10 percent. So if you are saying that the retirement fund which is required by state law anyhow for county employees is the reason people are having their properties up for tax sale then I am not following that logic or that math at all. What I read is the fund is being managed pretty well and invested so that the taxpayers won't have to pay in at all and the employee's deductions and the money it makes on investments will keep it solvent. Do I read that right?

Anonymous said...

I read it like 4:41 does. School taxes for property are what really bury us. As far as the comment that they should never raise the retirement benefits for the old retired employees I wonder how many people who are reading this are able to pay their bills on the same income that they had 20 years ago? The pay for county jobs was really low when these people were working and they probably counted on the retirement money that was saved in that fund just to get by. Why should they not get a COLA adjustment once every in a oh say 20 years if the fund can afford it? Even Social Security has increases once in a while so poor people who depend on it in their senior years can pay their bills. I know some of these people and they we good loyal workers who gave a lot to the job. Do you really think they should go without any increase in their retirement checks for 20 years?

Anonymous said...

Try living in Austin where the school board as they put it (turned to the taxpayer for help) and raised taxes! No one asked they just tax and spend and just like the borough in Austin don't have to answer to anyone!