Carbon County’s retirement fund took a $4 million hit in October.

On Thursday, Robert Crampsie, county controller and secretary to the retirement board, reported that the county retirement portfolio value as of Oct. 31 was $75,436,572, down 4.1 million from September, which represents a 4.7 percent loss.

“October just ended up being a terrible month performance-wise,” Crampsie said.

He pointed out that the last quarter is being watched closely because the portfolio’s performance will determine whether or not the county’s annual required contribution to the fund will increase or decrease in 2019. The estimated contribution, which was released last month, came in at $850,000, based on the county’s portfolio performance up until Sept. 20.

“Now we’re down 4.7 percent so we’re hoping November and December we get a bounce back, but there is no indication of that happening at this point,” Crampsie said.

There are a number of factors that play into the annual required contribution figure, including the portfolio value, which is the county’s asset; as well as the employee salaries and positions created, which go against the county’s liabilities.

Commissioner William O’Gurek said that all these factors can have dramatic effects on an annual required contribution figure; adding he hopes that the number the commissioners budgeted in the 2019 spending plan will be enough when the year ends and the final contribution amount is determined.

Crampsie also brought up that a cost-of-living increase, which the retirement board will decide on next month, also plays a role in the annual required contribution.

Crampsie said that every year the county grants an increase, it is a cumulative increase funded over a 10-year period.

In 2017, the county contribution jumped $14,000 due to the cost-of-living increase; and $68,000 in 2018 for another increase.

Crampsie said that if the retirement board gives another cost-of-living increase for 2019, the annual required contribution will increase $86,000.

“The last quarter will play an important role in some of the decisions we make in December,” he said. “Hopefully we will see a bounce back.”