Clearfield County retirement board approves $250,000 transfer to retirement checking fund

The Clearfield County retirement board voted Jan. 27 to transfer $250,000 into the retirement checking fund to cover payroll and broker fees.

The move came after Unidentified Speaker 3 (Rob) reported that several recent retirees had taken lump-sum rollovers, leaving approximately $55,000 in the account at the time of the meeting. "If we do a $2.50 transfer, then that'll cover payroll and, the, broker fees or the Marquette's fees," Rob said, explaining the need for an interim cash adjustment. Unidentified Speaker 1 moved "to do a cash transfer of 250,000 into the retirement fund the retirement checking fund," the motion was seconded and approved by voice vote.

Why it matters: the board said the transfer would come from retirement funds and that it was a short-term cash-management step; the board did not make the regular employer contribution at this meeting. Rob also presented the monthly investment update: he reported an ending municipal checking balance and a market value "as of December 31" of 50,317,000, an increase he described as about $250,000 over the prior month.

The board also announced recent retirements. Unidentified Speaker 2 named retirees including Doris Fulmer (referred to in discussion as the sheriff), Dwight Evans (9-1-1 staff) and a staff member identified in the transcript as Sue (the transcript contains an initial different rendering of the surname and a correction to "Sue Reyes"). Payouts and vesting were discussed; Rob noted several retirees took lump-sum rollovers.

The retirement board closed with formal thanks to long-term employees for decades of service and adjourned.

The retirement board's transfer motion passed by voice vote; no roll-call tally was recorded in the meeting transcript.