Mercer County pension fund taking big hit from Wall Street

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MERCER, Pa. – Problems on Wall Street have resulted in the Mercer County pension fund losing $3.7 million in the third quarter of 2008, bringing the losses this year to $7.1 million, county Controller Thomas Amundsen said at Thursday’s county Retirement Board meeting.

Amundsen said there is no cause for alarm; the $40.8 million remaining in the fund is more than adequate to meet the fund’s obligations.  So far this year, $1.54 million in benefits has been paid out.

He said the losses are unlikely to impact the county’s 2009 budget because this year’s losses will be averaged with the four previous good earning years.

He added he expects it will take several years to recoup the losses and added, “We are looking at the long term.”