Last week, Northampton County Executive Lamont McClure advised County Council that PFM is managing $513,646,498 in county investments as follows: Pension fund - $463,795,774; OPEB fund - $48,534,422; and county trust fund - $1,316,302.
Today's one-liner: "The shortest way to the distinguishing excellence of any writer is through his hostile critics." Richard LeGallienne
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Tuesday, August 08, 2023
NorCo Has $513,646,498 Invested With PFM Asset Management
You may remember John Spagnola from his football days at Bethlehem Catholic High School or his years with The Philadelphia Eagles. In Northampton County, he's known more for his investment prowess as managing prowess as managing director at PFM, a Philadelphia investment firm.
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Remember the more employees make the more money goes into these funds. Since we have had a new attitude of how we pay employees less money keeps going into that fund. Soon retirees are going to make more then active employees, its not far away in the jail. People are retiring and making more a month on pension then employees with 10 years seniority and working two OTs. It will run out. The county already changed the multipliers for the pension for new employees. Just another reason to not apply or just leave.. Will the pension be there?? You guys kept bringing up the Bethlehem steel with the health center. Ask the steel workers about their pension. I know they spit in my father's face.
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