I find Westmoreland County’s plan to borrow $140 million for the county pension fund irritating and unprofessional (“Westmoreland will borrow $140 million to keep pension fund solvent.”) This plan must be canceled and a detailed audit of the fund conducted.
Having to borrow $140 million on a fund valued at $500 million demonstrates a 28% error at least or a possible criminal activity (embezzlement) at worst. Either way, I believe the manager of the fund must be incompetent and should be fired immediately.
The easy way out for the county commissioners is to borrow funds in the short term; the professional action would be to assess if the retirement benefits exceed the amount paid by past and present county employees in pension dues. Let’s conduct a review to ascertain the need for reducing pension benefits and increasing pension contributions.
Something smells in Denmark, and a review of the books is more than in order.
I will await the county commissioners’ reply to my proposal. I urge them to accept my recommendations and thereby act in the best interests of the taxpayers. Be professional and truly represent the many individuals who elected you.
Philip Pfeil
Greensburg