Retirees to receive pension increase
Carbon retirees will receive an increase in their pension checks in 2011.
On Thursday, during the final Carbon County Retirement Board meeting of the year, officials voted to give county retirees a 90 percent cost-of-living raise on pension checks, based on the Consumer Price Index.
The cost-of-living increase will cost the county $106,000.
Last December, the board did not act on a cost-of-living increase for 2010 because the Consumer Price Index information showed no increase would occur.
The board also voted to set the interest rates on member accounts at 4 percent for the upcoming year.
This will cost the county approximately $670,000.
Crampsie said that the board's decision to lower the interest is saving the county about $83,000, which helps offset the cost for the cost-of-living increase approved.
In a related matter, the county's retirement fund portfolio value has been announced.
Robert Crampsie, county controller and secretary of the retirement board, stated that the fund's portfolio value as of Nov. 30 was $60,891,121, up $259,640 from October.
"At this point in the year I can tell you the portfolio value is up approximately 8.7 percent," he said. "We've seen a gain in market value, after adding employer contributions and subtracting disbursements, of $4.8 million."
Crampsie also noted that this has been a very active year in the retirement situation.
Activity included processing 76 refunds, which is higher than normal; 51 employees took their retirement; 80 members vested their account; and 8 members passed away.
Crampsie added that the total disbursements for 2010 were $3,850,342.05.
"It was a very busy year," he said.
This higher than normal retirement activity is in part, due to the sale of Weatherwood.