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Retirement board approves $250,000 withdrawal and accepts fund report
Summary
The county retirement board approved a motion to transfer $250,000 from the retirement fund and accepted a report showing an increase in market value and a revised advisory fee schedule now that the fund exceeds $50 million (figures reported from the meeting transcript).
The retirement board voted to withdraw and transfer $250,000 from the county retirement fund after hearing a routine financial report. Chair Tim opened the session and members approved minutes and routine motions before considering the financial update.
Controller Edwards presented the retirement fund report and summarized balances and transactions, noting contributions withheld from paychecks of $62,898, monthly retirement benefits of roughly $225,000, two quarters of administrative fees totaling $59,410, and an updated advisory fee schedule with Marquette Associates because the fund balance had exceeded $50 million. In the transcript Edwards reported a current market value as of Feb. 28 as "51,38,000" and an increase from Jan. 31 of "$437,000." The controller's presentation concluded with charts and an invitation for questions.
A motion to withdraw/transfer $250,000 from the retirement fund was made, seconded and approved by voice vote. The meeting record shows affirmative responses to the voice vote as "I," but the transcript does not provide a roll-call with named vote tallies.
The retirement board then adjourned. The transcript contains the financial figures as read aloud; the board approved the controller's report and the transfer motion during the retirement board portion of the meeting.
