Carbon retirement fund has increased
Carbon County's Retirement Fund is overcoming a volatile economy and the end of year return has proved it.
During the monthly meeting of the county retirement board, Robert Crampsie, county controller and secretary of the retirement board, announced that the county's retirement fund is up $9,761,652 from the beginning of 2009. That, he said, represents a 20 percent return.
The current portfolio balance as of Nov. 30 is $57,445,804.
The portfolio value has been showing positive returns since the March.
A very volatile stock market in 2008 and early 2009, due to the shaky economy, brought the retirement fund balance down to a starting balance of $47,684,152 and left the county with a negative-24 percent return in 2008. The downward spiral continued through February but ended in March, when Carbon County posted its first positive month in a long time. Since then, the retirement fund portfolio has been performing rather well.
The county is still down around $7 million from its high of $65 million in 2007.
In a related matter, the board voted to set the interest rates on member accounts at 4 1/2 percent.
They also did not act on a cost-of-living increase due to Consumer Price Index information that showed no increase would occur.