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Retirement fund loses $2M in month

Published November 15. 2012 05:01PM

In less than three weeks the market value of the Schuylkill County Employees Retirement fund lost more than $2 million according to the grim report by Gary Zimmerman, first deputy, who was pinch-hitting for County Controller Christy Joy who is attending a CPA seminar. The report was given at the retirement board's monthly meeting held Wednesday at the courthouse in Pottsville.

As of Oct. 31 the market value of the fund was $104,142,316 but as of Wednesday it dropped to $102,575,209. This month one member whose job was terminated received $217,463.43 in annuities while four members received refunds totaling $68,194.68 and three members received rollovers totaling $127,307.50.

Members attending were Commissioners Frank Staudenmeier, George Halcovage, Gary Hess, Treasurer Jacqueline McGovern and Zimmerman.

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