Controller: Carbon County's retirement fund doing well
Carbon County's retirement fund is performing well, officials report.
During the county retirement board meeting last Thursday, Robert Crampsie, county controller and secretary to the retirement board, gave the second quarter performance report.
The retirement fund started the year with a market value of $63,409,980; with contributions by employees and the county of $619,878.
Crampsie noted that benefits paid to date total $1,952,687, making the funds adjusted beginning balance for the year $62,077,171. The current market value for the retirement fund portfolio as of June 30 was $67,172,568.
"So far this year we are up over $5 million," Crampsie said. "That equates to a year-to-date rate of return of 8.21 percent. The actuary assumes we're going to have a 7.5 percent rate-of-return for the course of the year so right now performance has been extremely well. I just hope the market continues to perform and we can take advantage of it."
In other matters, Crampsie noted that the Hay Group, the company hired to provide portfolio services, will be asking the county to approve a new mortality table, which is used to determine the county's annual required contribution (ARC). The mortality rate that has been used up until now was from the 1980s.