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Lawrence County retirement board approves legal contract, fraud-protection service and maintains 4.25% interest crediting rate
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Summary
At its Nov. 18 meeting the Lawrence County Retirement Board unanimously approved three resolutions: engaging outside legal counsel under a fee agreement, subscribing to a $95/month positive-pay fraud-protection service paid from the retirement fund, and keeping the member interest crediting rate at 4.25% effective Jan. 1, 2026.
The Lawrence County Retirement Board on Nov. 18 unanimously approved three administrative measures intended to protect plan assets and preserve benefit-crediting levels.
Unidentified Speaker 2 announced the board’s approval of Resolution 3 to engage outside counsel under a fee agreement with Pamela Durrant (Campbell Durant firm) for legal matters the county solicitor may decline or refer. The board heard background from Speaker 4 and then voted by roll call; Controller Prestopai, Treasurer Poe, Commissioner Sonata, Commissioner Kennedy and Commissioner Vogler all recorded “yes.” Motion carries.
The board also approved Resolution 4 to enroll the retirement fund in a positive-pay service with vendor "Lehi Bengal" at $95 per month. David and Speaker 4 described the service as protection against check and ACH fraud; Speaker 4 said, “It basically protects against check and ACH fraud.” The board confirmed the subscription fee will be charged to the retirement fund rather than the county’s general fund and approved the motion by unanimous roll call.
Finally, the trustees voted to adopt Resolution 5, keeping the annual interest-crediting rate for member accounts at 4.25% effective Jan. 1, 2026. Mister Cresta Pine recommended maintaining the rate in light of recent interest-rate moves and peer-county comparisons. After brief discussion and a recorded roll-call vote in which all five trustees voted yes, the motion carried.
All three measures passed without recorded dissent. Unidentified Speaker 2 closed the business portion of the meeting and thanked staff for the background materials; the board indicated it will next convene in February for its regular quarterly meeting.
