$10 million increase for Carbon retirement fund
Carbon County's retirement fund has posted over a $10 million increase in 2009.
During the monthly meeting of the county retirement board on Thursday, Robert Crampsie, county controller and secretary of the retirement board, announced that the retirement portfolio value as of Dec. 31, 3009, was $58,072,417, up $10,522,249 from the end of 2008.
"We had a nice bounce back after 2008," Crampsie said, adding that this year's overall return was 22.13 percent. "In 2008, our return was a negative return of 23.21 percent. This year we were able to make some of that back."
A very volatile stock market in 2008 and early 2009, due to the shaky economy, brought the 2009 retirement fund starting balance to $47,684,152. 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.
Crampsie added that the retirement fund is still down about $7 million from its $65 million high at the end of 2007.