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County Retirement Plan Explained

pension2As a “defined benefit plan,” the county’s retirement policy removes the risk from employees and places it on the county. Several years ago, the Retirement Board retained C. S. McKee, an investment advisor from Pittsburgh, to manage the employees’ retirement fund, which has assets in excess of $10 million. The county’s annual contribution to each employee’s retirement account, at 5.5 percent, is the maximum permitted and represents a substantial benefit for employees. Under the policy, an employee is 100 percent “vested” (i.e., eligible to collect the county’s contribution to the plan) after five years of service.

Employees who are planning to retire or otherwise leave county employment should schedule a meeting with Kathleen Majot at 274-8290, Ext. 206. During the meeting, she will be able to explain retirement plan options and present benefit estimates. Members of the Potter County Retirement Board are Paul Heimel, Susan Kefover, Kathleen Majot, Krista Miller and Doug Morley.