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Schuylkill retirement fund takes another hit

Published September 15. 2011 05:01PM

Another large loss was suffered from stock investments by the Schuylkill County Employees Retirement Board, acoording to controller Melinda Kantner, who serves as board secretary.

The board's monthly meeting took place Wednesday at the courthouse in Pottsville.

As of Aug. 31 the 11 financial institutions which manage the fund reported the market value of the fund was at $95,562,245; however, when Kantner checked the market yesterday morning, the value of the fund dropped to $93,364,669, suffering a loss of $2,197,576.

During the month of August two members received annuities totaling $681,917.19; six members received refunds totaling $49,746.18; one member received a rollover totaling $6,604.68; and one member passed away with a remaining annuity of $157.71.

The three commissioners, controller and treasurer comprise the board.

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