New Castle News

October 17, 2012

County pension fund remains sound

By Staff
New Castle News

NEW CASTLE — Lawrence County’s pension fund is healthy, according to its fund managers.

The fund currently has close to $48 million, more than it has had in decades, Joel Bender of Merrill Lynch told the county retirement board yesterday.

Attending the quarterly meeting were the three commissioners —  Dan Vogler, Steve Craig and Bob DelSignore, Treasurer Richard Rapone and deputy controller David Prestopine.

Bender said the county had a 4.9 percent return for the third quarter of the year.

“The numbers look good,” he said.

Jay Post of Black Rock, who has managed the county’s fund for more than 30 years, explained how stocks are being targeted at a higher percentage rate than bonds.

“The ball game has changed for the better in the stock market,” he said, and stocks are outperforming bonds.

He said the county has a double A minus portfolio which “is very high quality.”

 Vogler pointed out that the county has had to contribute money in recent years to keep the fund whole.