Retirement Board Receives Annual Investment Performance Report

Clearfield County Employee Retirement Fund Grows by 15.5% in 2013; Ends Year at $29.3M in Market Value

CLEARFIELD – At a time when many government pension plans are struggling, the annual Investment Performance Report received by the Clearfield County Retirement Board shows the Clearfield County Employee Retirement Fund saw substantial growth in 2013.

The fund earned a 15.5 percent return for 2013, increasing $4,551,729 in market value. It also ended the year with $29.3 million in assets, up from $24.8 million at the end of 2012.

The fund ranks in the top 18 percent of public pension funds for 2013, based upon investment performance for funds of all sizes.  Over the past three years, the fund ranks in the top 10 percent of public pension funds.

“Many other government retirement funds are underfunded to the point of being in crisis. We are pleased our investment decisions have helped ensure county pension funds are protected and are achieving adequate growth that will help meet current and future benefit payments to retirees” said retirement board members.

Since 2010, the Retirement Board has utilized the services of investment management consultant Peirce Park Group to help develop and implement investment policy.   The Retirement Board has worked with representatives of Peirce Park Group to make necessary revisions to investment policy and allocations, both of which contributed to the fund’s substantial growth.

The total fund allocation currently has 48.4 percent in domestic equity, 15.8 percent in international equity and 35.8 percent in Fixed Income cash with all categories falling within the investment policy limits implemented by the Retirement Board.     In the three-and-a-half years that Clearfield County has utilized Peirce Park Group, the retirement fund assets have grown from $18.7 million in July of 2010 to $29.3 million at the end of 2013.

As of December 2013, monthly benefit payments to all current retirees totaled $86,873, which calculates to just more than $1 million per year paid out to retirees.   In 2014, the monthly benefit payout is expected to increase due to retirements of several employees with many years of service in county government offices.

Clearfield County Retirement Board members are Clearfield County Commissioners Mark B. McCracken, Joan Robinson McMillen and John A. Sobel, County Controller Tony Scotto and Treasurer Carol Fox.

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