Carbon County’s retirement fund took a $2.5 million hit in May, but officials say overall, the fund is still doing very well.

Robert Crampsie, county controller and secretary to the retirement board, announced that the retirement portfolio value as of May 31 was $75,467,446.

“May was not a good performing month,” he said.

But, the 2019 actuarial report, which the county received, showed that overall, the fund was still 95.7% funded, which is outstanding overall.

“So even though we had a bad year from a performance standpoint, we continue to be at a very well-funded status,” Crampsie said, adding that the actuary will be in either in August or September to give an overview of the report.

Crampsie also pointed out that the certified actuarial annual required contribution Carbon must pay to the retirement fund for 2019 is $997,935, up from the $850,000 estimate released in the third quarter of last year.

“We are up, but that is due to the last quarter performance,” he 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. The stock market also plays a big role in determining this contribution, and Carbon’s portfolio didn’t perform as well as hoped due to stock market volatility at the time.

Following Crampsie’s report on the fund, Michael Shone, managing director for Marquette Associates, and Sarah Wilson, a vice president for Marquette Associates, provided an overall performance update, as well as a 10-year projection for the fund and recommendations for some changes that could help long-term.