CLEARFIELD – Members of the Clearfield County Retirement Board recently reviewed the Investment Performance Report from its investment manager Peirce Park Group.
The fund continues to show strong annualized returns over the last five years at 8.7 percent. Its performance is above the benchmark of 7.8 percent.
Since investment policy changes were enacted by the Retirement Board in 2010, the fund has grown from a market value of $18,699,786 on July 31, 2010 to a market value of $30,847,002 on Nov. 6, 2015.
Also, the Peirce Park Group presented the 2015 Pennsylvania County Pension Plan Report for the Retirement Board’s review. It contained investment and return data comparisons for pension plans for 47 of 67 Pennsylvania counties.
The report showed that Clearfield County ranks in the Top 10 in five-year investment earnings and is ranked with seven other counties in the 95 percent to 100 percent funded ratio.
The total fund allocation currently has 43.3 percent in Domestic Equity, 9.9 percent in Global Equity, 10.4 percent in International Equity and 36.1 percent in Domestic Fixed Income and 0.4 percent cash with all categories falling within the investment policy limits implemented by the Retirement Board.
The county’s Retirement Board utilizes local bank, CNB Bank, as the custodian for the retirement fund. All monthly transactions for retirement payroll and employee deductions are processed by another local bank, Clearfield Bank & Trust Co.
Members of the Retirement Board are awaiting the governor’s signature to Pennsylvania House Bill 239. It would amend the County Pension Law, Act 96 of 1971.
The bill provides a specific definition for the cost of living index, and addresses the method by which a cost-of-living adjustment (COLA) for current retirees would be calculated by the counties.
Current law requires the counties to award the COLA back to the date of the original retirement for all retirees. House Bill 239 changes that to the date the COLA takes effect. Existing law without changes in House Bill 239 makes COLA increases for the retirees too expensive for the fund to absorb.
Members of the Clearfield County Retirement Board are Commissioners Joan Robinson-McMillen, John A. Sobel and Mark B. McCracken, Controller Tony Scotto and Treasurer Carol Fox.