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Schuylkill County retirement fund surpasses $100 million

Published May 12. 2011 05:00PM

A milestone in funding was announced Wednesday during a meeting of the Schuylkill County Retirement Board held in the Rush Township Municipal Building.

"For the first time in the history of the county, the fund surpassed the hundred million dollar mark," said Mantura Gallagher, chairman, board of commissioners.

Controller Melinda Kantner provided the report for the month of April which showed a total market account value of $101,049,071.

According to Kantner, that amount included one member receiving an annuity totaling $31,982; five members receiving refunds totaling $38,058; one member receiving a rollover of $3,500 and four retirees passing away with remaining annuities of $247.

Kantner reported that the total market value, current to the day of the meeting, was $100,116,792.

The figures are provided by Cornerstone Asset Management via Retirement Fund Custodian.

The meeting was one of three county sessions taking place in Hometown, the others being a regular board meeting and a salary board meeting.

During the salary board meeting, Kantner questioned the necessity for and specifics of a part-time position posted for Rest Haven.

Kantner questioned whether filling the position was vital during current economic times and with the importance of cutting back. The topic prompted a goodly amount of discussion, with several speaking of the necessity to fill the per-diem position for what could be a period of 12 weeks since another employee is out on family medical leave.

In response to Kantner's questions, Martina Chwastiak, human resources, also explained that a mistake had been made with the posting and that a reposting would take place.

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