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County retirement costs going up by $8 million
Kern County's budget will take an $8 million hit in the upcoming 2009-2010 budget year in order to keep its retirement system afloat. The board of the Kern County Employees' Retirement Association acted Wednesday to decrease the earnings it expects from it's $2.1 billion investment portfolio by .25 percent. That will hit county coffers next year when supervisors try to build an annual budget. 1 comments from 1 users
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posted by
swright2
on Dec 5, 2008 at 11:10 AM
Not too bad since the last 3 years have had record earnings for the retirement fund. Last year almost 16% net earnings. Relates to 290 million dollars earned with expenditures at 121 million dollars. The fund is almost at a self sustaining level. The target earnings for the fund is at 8% annually and anything over that amount the County is kicked back monies to offset its contributions................Hmmm So how much does that 8million dollars relate to for what will actually be coming from the county coffers ????
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