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Retirement board terminates financial firm from handling funds

Published March 14. 2013 05:02PM

The Schuylkill County Employees Retirement Board authorized the termination of one of the 12 financial firms which manage the county employees retirement fund in action taken at its monthly meeting held Wednesday at the courthouse in Pottsville.

County Controller Christy Joy, who serves as secretary of the board, made the motion to adopt a resolution to terminate Sterling Capital Management in its role as investment manager. Joy said his motion was based on a decision made by Cornerstone Advisors Asset Management Inc., which oversees the management of the funds and selects the financial firms to handle the investments.

Sterling had the lowest amount of funds handled for investment, $3,821,815. A new firm will be selected by Cornerstone. Joy's motion was unanimously adopted with Commissioners George P. Halcovage and Gary J. Hess, and Treasurer Jacqueline V. McGovern, voting in favor of the termination. Commissioner Frank Staudenmeier was the lone member of the board not present.

The other investment firms handling the funds and the market value of the funds they manage as of Feb. 28, are, C.S. McKee, $12,941.655; AIshares S&P 500, $10,317.388; Emerald Advisors Inc., $4,658,326; AInaternational Funds Allocation, $11,837,412; Barrow, Hanley, Mewhinney, and Strauss, $18,588,926; Nationwide Group Annuity, $4,389,837; Pimco All Asset Fund, $$8,058,512; Liquid Altrnates, $4,111,388; M&T Cash Account, $1,917,773; and JP Morgan Core Bond $13,906,697. The total value as of Feb. 28 was $109,000,396.

Hits $110M

Joy reported the value increased and as of Wednesday the market value rose to $110,125,888.15, a new record high.

He also reported during the month of February one member received an annuity totaling $7,772; one member received a refund of $509; one member received rollovers totaling $2,599; two members who passed away with a pro rata pension of $110.

The board voted two members to buy previous services which were for more than a two year period which is the policy limit of the board.

Lisa Yanek, who worked in the Clerk of Courts, was permited to purchase a refund of over three years; and Attorney Christopher Riedlinger, employed as a public defender, 4.4 years. Attorney Christine Holman, assistant county solicitor, told the board the action is at their discretion and does not set a policy for future cases.

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