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HOLLIDAYSBURG -- Blair County's pension plan has generated a 7.3% return since the beginning of the year, when investment advisers spoke of a pending recession that could affect the plan's value.
Based on the plan's latest review, however, a recession is no longer a threat to the plan in 2023.
"It's unlikely by the year's end that we'll be in a recession," Marquette Associates Vice President Brad Hampton told the Blair County Retirement Board on Wednesday when he reviewed the plan's performance through June 30.
The county's pension fund, based on Hampton's report, showed a $33.8 million market value through June 30, a net investment change of $2.32 million since the year began.
An additional report showed the plan with $34.4 million in total assets, based on market values as of July 28.
Retirement Board Chairman Bruce Erb said Wednesday that when the board meets Sept. 6, actuary David Reid of CBIZ Retirement Plan Services is expected to be present with his annual report.
In October 2022, Reid's examination of the county's pension fund showed it to be solvent for the next 30 years, but underfunded by $65.07 million based on what the plan is calculated to owe to current and future retirees.
For 2023, commissioners budgeted $5.25 million from the general fund to support the pension plan. Contributions through July totaled $3.06 million by the county and $655,261 by the employees, adding up to $3.71 million. During that same time period, the plan issued payments adding up to $4.66 million.