Chesco commissioners to keep closer eye on pensions
October 12th, 2008 by 2CDC
With the stock markets in turmoil, the Chester County commissioners have decided that they had better keep a closer eye on the county’s pension plan by holding Pension Board meetings monthly instead of quarterly.
“This economy is very volatile, and pensioners, employees and taxpayers need to know that we are mindful of our responsibilities,” said Commissioner Kathi Cozzone, a former corporate controller. She said the county’s investment strategy may need to be modified to mitigate any long-term tax increase.
County pensions are guaranteed and taxpayers must make up any funding shortfall as determined by actuaries. According to county records, in 2007 taxpayers contributed $7.8 million to the fund and employees paid in $6 million. At the end of 2007, assets in the retirement plan were valued at $263.4 million. Benefits were paid to 1,025 retirees as of the end of last year.
The commissioners said that all county pensions were guaranteed and funding was secure.
- Nancy Petersen
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