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Retirement fund regaining money lost during recession

Published January 20. 2011 05:00PM

The total market value of the retirement fund as of Wednesday was $97,775,294, it was reported to the members of the Schuylkill County Employees Retirement Board at its monthly meeting held Wednesday at the courthouse in Pottsville. This is a high mark for the fund which had dropped to $70 million during the recession. The fund is managed by 12 financial firms.

During the month of December, four members received annuities in the amount of $362,866.24; eight membersd received refunds totaling $12,693.46; one member received a rollover totaling $62,053.24; and one retiree passed away with no remaning annuity value.

At the commissioners meeting action was taken to engage The Hay Group to prepare a retirement system plan document and to submit the plan to the Internal Revenue Service for a determination letter. The action was approved by the retirement board. The total cost for the service is not to exceed $5,000, up tp $4.500 is to be paid from the retirement fund and up to $500 for the volunary correction program fee is to be paid from the county's general fund.

Members of the retirement board are Commissioners Mantura Gallagher, Francis McGovern and Frank Staudenmeier, Controller Melinda Kantner and Treasurer Jacqueline McGovern.

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