The city of New Castle's employee pension funds grew by an average of more than 2 percent in the last quarter.

Reports given by the funds' two investment managers at the quarterly meeting of the pension trustees last night showed that the plans increased by a combined 2.41 percent.

Ameriprise Financial, formerly American Express, showed an appreciation of its funds by 3.09 percent while Sky Trust's improved by 1.73 percent during the period ending Sept. 30.

The combined increase of 2.41 percent was better than the benchmark or blended index, which showed an increase of 2.1 percent. The blended index is a composite of Standard and Poors, Lehman Bros. International/Government Credit Index and 90-day U.S. Treasury bills.

As of Sept. 30, the portfolio for Ameriprise was $14,070,259. For Sky Trust, it was $13,544,854.

Both portfolios contain a mix of 60 percent stocks, 30 percent bonds and 10 percent cash.

Pension attorney Randy Rhoades was asked to contact the pension funds' actuary to look into the possibility of granting a cost-of-living increase for pensioners.

The last increase for police and firemen, those with more than five years of service, was given in 2001. Nonuniformed employees were granted an increase in 2002.

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.