NorCo Exec John Brown reported to Council last night that the County's pension finished 2016 with $357.9 million, a 7.9% increase in just one year. That pension is now 87% funded. The County also has an OPEB fund, which is up 8.4% He also indicated that this year, the fund has increased four per cent.
This is good news to the county employee, but also good news to the taxpayer. Better funded pensions need a smaller annual contribution.
3 comments:
This fund is in great shape. It would be in even better shape had Brown and his county council cohorts not declared war on county employees. They made sure many new retirees flooded the ranks and swelled the numbers.
I'm sure he'll find a way to take credit for this :)
John Brown should take credit for these numbers. He has been there going on four years and he could have changed the way these retirement benefits are paid and funded and he hasn't altered the long range plan. Many Counties have chosen not to fund the "OPEB" and will be on the hook for big bucks in later years while Northampton County has laid out a well planned method to fund the retirees and their retirement benefits. When Counties are short of funds the first place they go to is cut retirees funding for the retirement plan and OPEB. Thank you John Brown for staying the course.
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