Retirement fund dips after shutdown begins
The partial government shutdown has affected the market value of the retirement fund of Schuylkill County employees.
Controller Cristy Joy, secretary of the county retirement board, reported to the board Wednesday that the market value of the fund, as of Wednesday, dipped from $115,191,417 to $114,351,199.
Prior to the partial shutdown the market value had climbed steadily as the fund reached record heights.
Joy also reported during the month of Sept. 12 members received refunds totaling $114,405; four members received rollovers totaling $4,000, one member passed away and one member received a pro rata pension totaling $23.
The board adopted a resolution authorizing the liquidation of Pimco All Asset as a mutual fund manager. This decision was made on the request of the fund advisor, Cornerstone Advisors Asset Management Inc. A second resolution was adopted naming John Hancock II Global Absolute Return Strategies Mutual Fund, to replace Pimco.