Franklin County pension fund makes $7.1 million in 2010
Franklin County taxpayers and employees received good news
about the county pension fund recently at a meeting of the Franklin County
Retirement Board. The fund returned 6.9 percent for the fourth quarter of
2010, placing it in the top 29 percent of the Wilshire Cooperative Public
Funds Universe, a widely followed index of similar public retirement plans.
The fund also made over $7 Million in 2010, posting a return of 11 percent,
which was 3.5 percent above the actuarial assumed rate of return, according
to the board's investment consultant, Lee Martin of Peirce Park Group.
³Anytime the pension fund grows at a rate greater than the actuarial
assumptions, you are doing well. The result is a smaller contribution
requirement from the county's general fund, which benefits the taxpayers.
The security of the fund needed to pay employees' future pensions is also
enhanced,² said Martin.
³Our decision to hire Peirce Park Group and the time we have put into
working with them to actively manage the pension fund are reaping benefits
to our employees and the taxpayers,² said Commissioner David Keller,
chairman of the Franklin County Retirement Board. In 2008 the Retirement
Board hired Peirce Park as its first investment advisor. The board developed
a long-range investment strategy and diversified the pension fund over
several managers. Subsequent decisions by the board, as well as a rebound
in the stock market, have seen the fund grow from $53 to $78 Million over
the past twp years.
The Franklin County Retirement Board consists of Commissioners David Keller,
Bob Thomas and Bob Ziobrowski, Controller Carol Diller and Treasurer David