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Tuesday 16th April 2024

Blair Co to increase pension money

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A report in the Altoona Mirror says that the county was informed yesterday that it is being recommended that the retirement board increase the annual $5 million contribution to the pension fund by $250,000 or 5%, whichever one is the lesser amount. The county currently contributes $5 million to the underfunded plan, but has been told to increase that funding. CBIZ Retirement Services VP David Reid told the county that if it continues to follow the current funding plan, it will get the pension plan to where it should be. Increase funding and 7% investment returns each year should get the fund up to $70 million in 20 years, which is almost more than double what the fund currently is now.

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