New Castle News

May 7, 2014

County pension fund tops $55 million

By Staff
New Castle News

NEW CASTLE — Lawrence County government’s pension fund has reached a milestone.

Controller David Gettings reported at a retirement board meeting Tuesday that the fund has topped $55 million — $55,018,000 to be precise.

The board is comprised of Gettings; Richard L. Rapone, county treasurer; and the three commissioners, Dan Vogler, Steve Craig and Bob Del Signore.

That’s more money than the fund has ever had, Gettings said.

He reported the county paid out $216,524 in death benefits from the fund recently, and there have been 12 deaths since the beginning of the year.

At the beginning of 2013, the county had $47,303,321 in the fund. As of Jan. 1, the fund held $54,548,545, an increase of 15.3 percent.

The county changed its consultants for the funds within the past year from Merrill Lynch to the Peirce Park Group, which has offices in Wilmington, Del., and West Chester and Pittsburgh, Pa. A company representative briefed the board on the fund’s transition and status Tuesday.

Gettings added the pension board also has changed the fund’s custodian to First National Trust Co. of Hermitage.