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Dunmore pension fund posts gains; board approves police officer's DROP entry
Summary
At its June 10 meeting, the Dunmore Pension Board heard a market update showing a net year‑to‑date return of 3.6% and approved Officer Bill Jordan’s entry into the DROP program; the board discussed allocations and said Bitcoin is not currently appropriate for the fund.
The Dunmore Pension Board on June 10 received an investment update showing gains for the borough’s pension accounts and approved a police officer’s application to enter the DROP program.
Ralph Colo reported the fund’s year‑to‑date net return through June 6 is 3.6 percent, a gain he estimated at about $671,000, and said combined accounts have topped $19 million. Colo described current allocation as approximately 50% equities, 23% fixed income, roughly 13% cash or cash equivalents and about 15% in alternatives. He noted that higher interest rates have produced better yields on cash (about 4%) and that the board has seen an approximate 8% net return over the past 12 months (about $1.3 million).
On alternatives and cryptocurrency, Colo said the plan’s alternative sleeve has performed well and that the fund ‘‘could only manage to the investment policy statement’’ when considering new asset classes. He added that Bitcoin is currently not a regulated asset and therefore ‘‘probably not’’ appropriate for the plan now; the board agreed to review the investment policy at the end of the year.
On personnel business, Chair Greg Wolff presented a DROP application from Officer Bill Jordan of the Police Department. Wolff said Jordan is 55 with more than 25 years’ service and that, under the DROP rules discussed, he would remain on the job until December 2026 (eighteen months was referenced). Wolff moved to approve Jordan’s entry into DROP; Gene Mentz seconded earlier clarification and the formal motion was seconded by Mentz; the motion passed on a voice vote with all members present saying "Aye."
The board did not take further action on other new business after the DROP approval and proceeded to the previously scheduled Old Business item.
