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Schuylkill County retirement fund takes a $5 million hit

Published June 14. 2012 05:01PM

The Schuylkill County Retirement Pension Fund took a $5 milllion hit in its investments, according to Controller Christy Joy, secretary of the Schuylkill County Employees Retirement Board, which held its monthly meeting Wednesday at the courthouse in Pottsville.

The market value as of Wednesday was reported at $98,361,870.

Joy reported seven members received annuities totalng $1,185,293.56, nine members received refunds totalng $85,072.12, and three members requested a rollover totaling $38,405.09.

One retiree complained to the board his pension fund has been at $805 per month for the last five years and wondered why the board didn't grant its members a cost of living increase. Commissioner Frank Staudenmeier, chairman, said the board has to follow guidelines set by its consulting firm which advises against any pension increases because of the unstable economy.

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