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Pension checks could dip

People who retire from their jobs with Schuylkill County may see a slight decrease in their benefit checks.

County commissioners on Wednesday approved updating the method of determining the amount of monthly pension stipend for retirees based on workers' projected life spans from the 1983 formula to one created in 2013.The formulas are called mortality assumptions. They help the county figure how many years it will have to pay the benefits for each retiree.If the formula under-represents the likely length of the benefit payment period, the county may not be properly funding its obligations.Controller Christy Joy said the update will not affect current retirees.It will change the monthly checks for future retirees only slightly, he said.Each projection is determined individually. The formula involves the worker's age, number of years of employment, salary and when they plan to retire.Joy said Schuylkill was one of only six counties still using the 1983 projections. Carbon County made the change last year.The county retirement as of Wednesday stood at $125,224,688, up from $124,593,989 on Oct. 31.