[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6218220,"mediaKeyId","3629863-b9670237ccce7f4a7d8b559797787b95","parentId",3629863,"title","Attorney questions why 2024 retirees were excluded from 2025 COLA; board agrees to share actuary letter","audioSeconds",194,"startMs",231000,"endMs",425000,"viewUrl","/Search/View?dp=1&key=3629863-b9670237ccce7f4a7d8b559797787b95&start=231&end=425","thumbnailUrl","https://assets.pipeline.soar.com/3629863-b9670237ccce7f4a7d8b559797787b95/thumbnail_231000.jpg","articleUrl","/articles/6218220/Lawrence-County/Pennsylvania/Attorney-questions-why-2024-retirees-were-excluded-from-2025-COLA-board-agrees-to-share-actuary-letter","mediaUrl","https://secure.pipeline.soar.com/6218220-d0ef97d1270da5eb17f3b3964d94b40c/orig.mp4?Expires=1775333237&Signature=LmM6XGrwMS~Vrj6U~nnqVXH-XBOI15CA8YRFt5YOAfIw7hMsARKeJQUyoPH2fbpLjmyRox-Kw8-ss4wdnnpBoWxATWlfxPHj9rAfWgzYvdoZTLDva-6Jhxv7p1BTo20Hap5b-NavESBf1~9g2TcAI7aHe7AEzvWpuQsQ7oXWGm-Yp9964FI-l6mS405UgHxvE34l2HDbU3ZvCjbYyw4jMCNYoJzl-RvzMAVpacW2MrfmMc74cVfJgDuKQAZBEqZ2Ue8bbHCIRZzbF-bufeoA0RTfsvWYj9BJq6UijsOkFmFMlvNOToFR-jCTR~pMK7A1QLZma6oGpfRnKLBqp9SW4A__&Key-Pair-Id=KUT5TJCACFTXG","author","Lawrence County, PA","date","2025-06-03T13:38:52Z","article","An attorney representing a retiree asked the Lawrence County Retirement Board on June 3 why people who retired during calendar year 2024 were not included in the county's cost‑of‑living adjustment (COLA) that went into effect in January 2025.

The question came from attorney Michael Joanna, who said he could find no statutory or regulatory language that established a practice of excluding retirees who retired during the prior calendar year. \"I could not find where there was language in the statutes or the regulations or the rules that said that only retirees from the prior year would be entitled to the COLA for the subsequent year,\" Joanna told the board.

Board members and staff said the county relied on guidance from its actuary. A board member identified in the transcript as Mr. Prestonpani told the meeting that the annual letter the actuary provides typically reports the cost to the county for granting a COLA and that the actuary’s practice is to include only retirees who were on the rolls through the calendar cutoff used in the actuarial calculation. \"It only includes the retirees that retired, in this case, ... Dec. 31, 2023 and before,\" he said when the cutoff date was clarified during the meeting.

The board did not adopt any new policy at the meeting. Instead, board members agreed to provide a copy of the actuary's letter to Joanna and to let their solicitor consider whether it would be appropriate for the attorney to contact the actuary directly. \"I'll send a formal written request to Jason and say this is what we're looking for, and then you can give me the response,\" a board member said.

Board members also noted the practical basis staff said the actuary used: the actuary calculates COLA cost using a 12‑month Consumer Price Index series that ends in August of the prior year, and the actuary's practice is to set the beneficiary cutoff so that the calculation reflects the population that experienced the CPI period used in the estimate. The attorney said he had been unable to find statutory language that mandated that cutoff.

Next steps recorded in the meeting: the board secretary will provide the attorney with the actuary letter after the meeting, and the solicitor will advise the board on whether the actuary may speak directly with outside counsel. No formal vote or change to COLA eligibility was made during the meeting.

Why it matters: COLA decisions affect monthly pension payments and county budget planning. The board's reliance on an actuary's interpretation — rather than a statute explicitly naming a cutoff — was the central point of the public question raised at the meeting.","mediaType","Video","parentTitle","June 3rd, 2025 Retirement Board Meeting","oneSentenceSummary","An attorney representing a retiree asked the Lawrence County Retirement Board on June 3 why people who retired during calendar year 2024 were not included in the county's cost‑of‑living adjustment for 2025.","taxTitle","Lawrence County, Pennsylvania","taxId",71984,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6218215,"Marquette Associates: Lawrence County fund posts trailing‑12‑month gains; consultant warns of tariff‑driven volatility",1270,797000,2067000,"/Search/View?dp=1&key=3629863-b9670237ccce7f4a7d8b559797787b95&start=797&end=2067","https://assets.pipeline.soar.com/3629863-b9670237ccce7f4a7d8b559797787b95/thumbnail_797000.jpg","/articles/6218215/Lawrence-County/Pennsylvania/Marquette-Associates-Lawrence-County-fund-posts-trailing12month-gains-consultant-warns-of-tariffdriven-volatility","https://secure.pipeline.soar.com/6218215-3f32619b3db01edb5ec077ddbe00e482/orig.mp4?Expires=1775333237&Signature=EQ0Wkgiw0JFvWkCMRK-lVJMM~F7tOOVxu1levSocJ6e3NuH9Ckpib2p9vqQfaa6TYIFTy4Cvn~iIU-cbI3~WZmjGxpuIpX3HPe9qNbr1M9g-VUHdPDgtkJ3pH3XkIQC2L2Yd2dGaDA7qwTH30s1QwRbf7C76IXBzidTVh30AYtp2~tqTDzXlc5crWznpWqWhNQhAW8-i0K~vvAex3dXl9Pfw3ko6Oqb5Jq2P9qWNzaUS7DlY1LwrLfBcr8dZ-dBIuj9DD25pi7c2u1AEHwV9npc14p72F~ZdYprw6te-2UmZZAxYQudSuQZubYZBkX93chS~RoVyMiV1imkOLLl4~Q__&Key-Pair-Id=KUT5TJCACFTXG","Sarah Wilson, the investment consultant from Marquette Associates, told the Lawrence County Retirement Board on June 3 that the county pension fund returned 5.7% for the trailing 12 months and a net investment gain of 5.9% (net of fees), with an annualized return since inception of 7.4%.

Wilson said the fund had a net investment gain of about $65,300,000 since inception and that, despite a volatile quarter driven in part by tariff concerns, the plan beat its benchmark. She told the board the fund was up year‑to‑date through April and that net cash flows for the year were about $1.3 million out, with a year‑to‑date gain of about $103,000.

On market drivers, Wilson singled out tariff uncertainty as a primary source of recent volatility. \"To understand performance is to understand that some of your managers are going to have a large exposure to tariff‑exposed stocks ... and some of them will not,\" she said, describing a split in returns between tariff‑exposed equities (down roughly 14% in the quarter) and tariff‑insulated equities (near flat). She cautioned trustees against reacting to short‑term, media‑driven moves: \"You can't panic because much of this has been media driven,\" Wilson said.

Wilson also reviewed recent portfolio adjustments. Among the changes she described: the board reduced the Artisan Global allocation from a 5% target to 2.5% because of performance relative to its benchmark; the board added WCM as a global manager (transitioning to a collective investment trust to reduce investment costs); and the fund continued allocations to real estate and infrastructure managers, including a TA Realty property fund that had recently been funded. She characterized infrastructure and real estate as inflation hedges that provide income to pay monthly benefits.

Wilson provided returns by asset class: U.S. equities and information technology were weak for the quarter, while developed non‑U.S. equities and commodities performed better. She reminded trustees that performance should be judged over multi‑year horizons and said the board's diversification and asset allocation contributed to relative outperformance during the quarter.

No board vote or formal policy change on asset allocation or manager hires was recorded at the meeting; Wilson's presentation was an informational update and included recommendations and manager performance review. Board members thanked Wilson for the briefing and scheduled the next regular quarterly meeting for Aug. 12.

Why it matters: Investment performance, manager selection and asset allocation drive the pension fund's ability to meet actuarial assumptions and pay benefits. The trustees were given state of the portfolio information they will use when considering future policy or allocation decisions.","Sarah Wilson of Marquette Associates briefed the Lawrence County Retirement Board June 3 on portfolio performance through April, reporting a trailing 12‑month net return of 5.9% and $65.3 million in net investment gains since inception; she highlighted tariff‑related market volatility and reported manager lineup changes.","actionData","errors"]

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Attorney questions why 2024 retirees were excluded from 2025 COLA; board agrees to share actuary letter

Marquette Associates: Lawrence County fund posts trailing‑12‑month gains; consultant warns of tariff‑driven volatility