Fayette retirees won't get increase
Fayette County's retirees will not get a cost-of-living increase in their checks this year.
Retirees will receive their first monthly checks for 2013 on Jan. 31. Total payroll for the 210 pensioners is $188,630, according to county Controller Sean Lally.
The retirement board, which consists of Lally, Treasurer Robert Danko and all three county commissioners, voted unanimously in December not to grant cost-of-living raises to retirees.
Lally on Thursday attributed the decision to a $1.4 million contribution the county will have to make to the pension fund this year. For years, the county did not have to make an annual retirement fund contribution, but that changed with the stock market slump of 2008.
Had the board granted a raise, it would have required the county to make annual payments for the next 10 years to the fund that would have ranged between $69,348 to $107,978.
Lally said the amount required would have depended on the percentage of raise granted. That payment would have been in addition to the annual retirement contribution.
Lally and Commissioner Al Ambrosini said that the pension fund is improving, now that a new company is managing it.
Since Pierce Park Group of West Chester began to manage the fund in July, it has grown by $3 million, they said.
The fund, Lally said, now has nearly $55 million in assets and the cost to manage it has decreased from $268,000 in 2011 to $242,000 in 2012.
The last time retirees received a cost-of-living adjustment was in 2011. There were no increases in 2009 or 2010.
Liz Zemba is a staff writer for Trib Total Media. She can be reached at 412-601-2166 or email@example.com.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.