Roller coaster ride continues for Carbon's retirement fund
Carbon County's retirement fund portfolio continues its financial roller coaster ride on a very volatile stock market.
During the monthly meeting of the retirement board, Robert Crampsie, county controller and secretary to the retirement board, announced that the fund's portfolio value as of Sept. 30 was $56,559,382, down $3,565,660 from the end of August; but as of Oct. 19, the fund had rebounded to $59,248,579.
"This market is fluctuating everyday," Crampsie said. "You can see in a matter of 19 days, we're up $2.7 million.
The retirement fund has been on the same roller coaster ride for the last few years.
By the end of 2008, the fund's balance was $47,684,152, which represented a negative 24-percent return for the year.
In the first two months of 2009, the fund dropped even further, but beginning in March 2009, the county posted its first positive month in the stock market.
Since then, the fund had performed well, recovering all of the money that was lost during the recession two years ago; and hitting its all-time high of $66.78 million on April 30.
But uncertainty on the federal government level over the last few months has brought another wave of volatility to the stock market.