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More bad news for retirement fund

Published July 12. 2012 05:01PM

It was more bad news concerning the Schuylkill County Employees Retirement fund as it took another hit in the stock market.

Controller Cristy Joy, secretary of the retirement board, reported at the monthly meeting held Wednesday at the courthouse in Pottsville, that as of Wednesday the market value of the retirement fund dropped to $99,278,015.75. A few months ago the fund rose to a high of $105 million. The fund is managed by 12 financial firms under the supervision of Cornerstone Advisors Management on behalf of the retirement board.

In other business Joy reported during the month of June one member received annuities totaling $62,260.85; two members received refunds of $14,127.17; two members received rollovers, $14,127.17; and two members who passed away with a refund of $104,454.56.

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