It took four years, but the Potter County Employees’ Retirement Fund has fully recovered 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 responsible to buttress the account if it plunges.
An advisor from C. S. McKee, the company that manages the plan, gave an optimistic report to the county’s Retirement Board. Jeff Davidek (shown) said the fund has grown by an annual rate of 7.45 percent over the past 10 years, which is in line with actuarial goals. When those goals are met, the county does not have to draw from taxpayers to support the fund. If the goals are exceeded for an extended period, the Retirement Board may consider increasing the fixed benefits contained in the plan for retirees.
Davidek said the fund is still subject to market volatility and remains slightly below the actuarial target of 7.5 percent growth annually. Balance is at an all-time high of $11.6 million, up more than 18 percent over the past 12 months. Investments during the third quarter from 2012 brought in $565,000, Davidek reported, and there are positive signs for the fourth quarter.
C. S. McKee manages employee retirement funds for 40 of Pennsylvania’s 67 counties, as well as other public and private entities. Retirement Board members are Commissioners Susan Kefover, Paul Heimel, and Doug Morley, Treasurer Krista Miller, Chief Clerk Kathleen Majot.
Potter County Today is a timely information site courtesy of the Potter County Commissioners. Reprinted with Permission.