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Retirement fund continues to grow

Published August 15. 2013 05:04PM

The market value of the Schuylkill County Employees Retirement Board continues to rise, Controller Christy Joy, who serves as its secretary, reported at the monthly meeting held Wednesday at the courthouse in Pottsville. As of Wednesday the value of the fund reached $114,995,028.63.

Cornerstone Advisors Asset Management serves as the retirement fund custodian and it distributes investments of the fund to 11 financial institutions.

At the board's request the county commissioners, at their meeting which preceded the retirement board meeting, granted approval to revise the county retirement health benefit policy. Joy announced it does not create additional contributions by the employees but is a calculation change.

During the month of July it was reported one member received an annuity of $253,671; six members received refunds totaling $17,330; one member received a rollover totaling $11,743; and two members received pro rata pensions totaling $144.

All five board members were present, Commissioners Frank Staudenmeier, George Halcovage and Gary Hess, Joy, and Treasurer Jacqueline McGovern.

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