Carbon County retirees to see small pay increase

Carbon County retirees will soon see a little extra in their monthly pension checks.

On Thursday, the county retirement board voted to issue a cost-of-living increase for the 340 county retirees. The increase, based on the Consumer Price Index, will be 1.4 percent.

That means in 2018, the average cost-of-living increase for retirees receiving an average of $968 a month will be about $13.50 before taxes.

Commissioner William O’Gurek, who made the motion for the increase, said that the board wanted to do it.

“Last year, it was minimal,” he said. “A 1.4 percent increase isn’t a lot better, but I want to see the county retirees get an increase. They waited very long.

“I think it’s justified.”

Last year was the first time since 2011 that Carbon gave retirees a cost-of-living increase. This was due to a change in legislation that changed the pension law to allow counties to give increases without having to do it retroactively.

The increase will cost the county approximately $68,000 in 2018.

In other retirement matters, the Carbon County Retirement Board set the interest rates on member accounts for next year.

During the meeting, officials voted to set the 2018 interest rate on members’ accounts at 5.5 percent, the same as it was in 2017.

Before the vote, Robert Crampsie, county controller and secretary to the retirement board, explained that by law, counties are required to set the interest rate between 4 and 5.5 percent.

The interest rate is based on members accounts, which represents the money members contribute to the system.

Crampsie also explained that the retirement portfolio rate of return up until Nov. 30 was 13.52 percent.

The portfolio value, as of Nov. 30, was $78,459,982.