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Retirement fund is healthy

Published October 22. 2012 05:03PM

Carbon County's retirement fund is healthy, officials said.

During the monthly meeting of the county retirement board on Thursday, Robert Crampsie, county controller and secretary of the retirement board, announced that the third quarter was good to the county's retirement fund.

He explained in the investment performance report that during the third quarter, the retirement portfolio value, which stood at $63,429,652 on Sept. 30, represented a year-to-date rate of return of 10.82 percent. The actuarial assumption for the portfolio for the year is 7.5 percent.

"We're ahead of the actuarial assumed rate and we're doing pretty well," Crampsie said. "We're just hoping the last quarter ends up being a positive quarter as far as performance."

Following Crampsie's report, representatives from the Peirce Park Group of West Chester, the company hired by the county four years ago to review the county's current investment choices, spoke to the board about the county's decisions over the last four years.

Michael Shone, president of Peirce Park Group, said that the county is "well funded compared to other counties."

The retirement board then voted to continue business with the Peirce Park Group, who will now prepare a document outlining options the county retirement board has for continued financial growth.

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