Report: Schuylkill retirement account is in great shape

Schuylkill County’s retirement account is in great shape, according to the most recent actuarial report.

The fund stood at $139,707,283 as of July 11, according to deputy Controller Ron Zimmerman.

“Schuylkill County is actuarially 95.2 percent funded,” said Controller Christy D. Joy.

“As of Jan 1, 2018, the county had an actuarial accrued liability of $143,910,807 with an actuarial value of assets of $136,945,909,” he said.

Joy compared the funding figure to the state employees’ retirement system’s 57 percent.

The fund is fed by three streams: employee contributions make up 20 percent; the county contributes 22 percent, and investments round out the fund at 58 percent.

At the end of last year, the fund paid out more than $8.5 million, almost twice as much as in 2008.

“As of Jan. 1, 2018, there were 1,253 plan members. There are 587 active plan members, 587 retired participants receiving benefits, and 79 terminated plan members that are entitled to benefits but are not yet receiving them,” he said.

“From 2013 through 2017, the number of active plan members contributing to the retirement plan has been slowly decreasing, while the number of retired participants receiving benefits has increased slightly. The number of terminated but vested plan members has increased slightly as well,” Joy said.

That means the county can’t afford to rest on its laurels.

“While the funded ratio still remains high, we must respect the size of the monthly cash flows of benefits. The contributions by the county while declining combined with employee contributions are nowhere near the benefits paid.

“If we don’t keep the ‘tub’ full, the pension would not be able to earn the difference and grow,” he said.

Joy credited commissioners with fulfilling their promise to feed the fund on a regular basis.

“The magic is that the Schuylkill County Commissioners have had the discipline and fortitude to repeatedly make their share of the contribution,” Joy said.

An easy-to-read version of the pension report, prepared by intern Trent Williams, can be viewed at https://bit.ly/2LqHmOq.