New Castle News

Local News

November 6, 2012

City pension fund has strong quarter

NEW CASTLE — A resurgence in the stock market resulted in a strong third quarter for New Castle’s employee pension fund.

The fund increased by $1,104,195, or 4.52 percent, for the three-month period.

It was a substantial turnaround from the second quarter, which showed a loss of 3.41 percent, reflecting a down market.

The total of the portfolio as of Sept. 30 was $25,710,604 as reported by the investment managers at the quarterly meeting of the pension fund’s board of trustees Monday night.

The board is made up of the mayor, the five city council members and three employees representing police, firefighters and non-uniformed personnel.

Huntington Private Financial Group’s share of the portfolio had a value of $14,145,980 while Ameriprise Financial Services’ value was $11,564,624.

Ameriprise showed an increase of $652,077, or 6.05 percent, and Huntington had a gain of $452,118, or 3.33 percent, for the quarter.

Combined, the portfolio out-performed the benchmark index, which showed a gain of 4.49 percent. The benchmark index is a composite of Standard and Poors, Morgan Stanley, Barclays and U.S. Treasury bills.

Joseph Sniezek of Huntington called it “a solid quarter for the equities.” He added that U.S. companies continue to do well.

Eugene Gabriel of Ameriprise said corporate profits remain strong. The economy has shown “slow growth, but it’s positive,” he said.

For the first nine months of the year, the portfolio gained $2,574,449, an increase of 10.88 percent. The benchmark index was up by 10.87 percent for the period.

Individually, Ameriprise has increased by 13.34 percent and Huntington by 8.92 percent for the first nine months.

The portfolio mix for Huntington is about 68 percent in stocks, 29 percent in bonds and 2.5 percent in cash. The mix for Ameriprise is 70 percent in stocks, 24 percent in bonds and 6 percent in cash.

The fund’s investment guidelines allow for 53 percent to 73 percent to be invested in stocks, 22 percent to 42 percent in bonds and up to 15 percent in cash.


Text Only | Photo Reprints
Local News
  • LOVEkitchen.jpg Love Kitchen: Little Caesars provides special delivery for Rescue Mission

    The Little Caesars Love Kitchen rolled into the City Rescue Mission for a special delivery Wednesday. A pizza kitchen on wheels, the big rig travels across the United States and Canada to meet the needs of the hungry, the homeless and disaster survivors.

    July 31, 2014 1 Photo

  • fairphoto.jpg County fair looks for a few good bakers

    The countdown to the 2014 Lawrence County Fair has begun. In less than two weeks, the fairgrounds will be brimming with animals, vegetables, fruit, flowers, music, food and fun. This year’s fair runs from Aug. 11 to 16.

    July 31, 2014 1 Photo

  • CarolineOrrico.jpg Local teen off to state DYW event

    Lawrence County’s 2015 Distinguished Young Woman is heading back into scholarship competition.


    July 31, 2014 1 Photo

  • NicholsonOffice.jpg County to buy new office for Nicholson

    Before the end of the year, the Lawrence County commissioners plan to move District Judge Jennifer Nicholson into new offices.

    July 30, 2014 1 Photo

  • PortersvilleSS.jpg Portersville Steam Show summer event arrives

    The Portersville Steam Show will stage its summer event Thursday through Sunday at its show grounds.


    July 30, 2014 1 Photo

  • Veteran.jpg Veterans seminar to view technology

    A veterans benefits seminar has been set for Friday. The program will run from 2 to 4 p.m. in the commissioners room of the Lawrence County courthouse.


    July 30, 2014 1 Photo

  • Part-time guard position created

    The Lawrence County Salary Board created a part-time temporary court guard position Tuesday.


    July 30, 2014

  • JaredGustafson.jpg Mohawk senior Jared Gustafson elected nation FCCLA officer

    A Mohawk High student was elected to national office at a leadership conference in Texas. Senior Jared Gustafson now is the 2014-2015 national vice president of parliamentary law for the Family, Career and Community Leaders of America.


    July 29, 2014 1 Photo

  • PipeDreams.jpg Concert to feature sounds of ’60s

    This week’s Friday Night Live at Riverwalk Amphitheater will feature a 1960s theme. Entertainment will be provided by Pipe Dreams. The group performs a tribute to the British Invasion and American rock ’n roll with music from The Beatles, Stones, Doors, Monkees and hits from Motown and Philly.

    July 29, 2014 1 Photo

  • well.jpg Environmental groups oppose forced pooling

    An effort by local landowners to have forced pooling declared unconstitutional is getting some outside support. Two environmental groups — Delaware Riverkeeper Network and Mountain Watershed Association — have filed a friend of the court brief with Commonwealth Court. They are asking that the court review forced pooling, which is part of a 1961 Oil and Gas Conservation Law, before scheduled hearings take place.

    July 29, 2014 1 Photo