Retirement fund loses $5.3 million as market tumbles
The Schuylkill County employees retirement fund, managed by a board composed of county officials, suffered a $5.3 milllion loss in the stock market, between July 31 and Aug. 10, according to a report released by the Schuylkill County Employees Retirement Board at its monthly meeting held Wednesday. The board held its meeting following the commissioners meeting at the Foster Township Municipal Building.
The market value of the county's retirement fund, as of Wednesday, dropped from $99,731,899 to $94,335,350.40, it was reported by Controller Melinda Kantner, who acts as secretary of the board. The three county commissioners and county treasurer also serve on the board.
The board adopted a resolution, following the advice of Cornerstone Advisors Asset Management Inc., authorizing the termination of Wells Fargo Stragegic Growth due to changes to the investment team. The resolution expressed the board's thanks to Wells Fargo for their long relationship.
The resolution states the current manager should liquidate the holdings and the board authorized Cornestone to transfer the proceeds to a cash account and purchase such shares as necessary of the Ishares Russell Growth Fund to maintain the fund's overall equity allocation.
The board also authorized Cornerstone, as consultant, for the plan and M&T Bank as cusotdian for the assets to facilitate the transition. A replacement manager will be considered by the board. The board currently has 11 asset management facilities.