Market boosts pension funds

Market boosts pension funds

Ellwood City’s project has been ranked first out of seven submitted for funding.

NEW CASTLE, Pa. – An improving picture on Wall Street is causing significant improvements in Lawrence County’s pension fund.

County Controller David Gettings told Lawrence County commissioners Thursday that the pension fund rose to $38.1 million in July from a June total of $37.3 million. The fund was at $42 million before the economic downturn that started a year and a half ago and had fallen as low as $34.5 million.

Gettings attributed the improvement to gains in the stock market for the fund, which is invested in stocks and bonds. He said that if it continues to rise, it could “drastically” affect the county’s annual required contribution to the fund for 2010.

This year, the county had to contribute $2 million to the fund to keep it at required levels, up from a 2008 contribution of $600,000.

Gettings said the county will not know what the 2010 contribution will be until actuaries calculate it in November or December.

About 250 county retirees receive pensions from the fund.

Also Thursday, Commissioner Steve Craig said that Ellwood City’s Main Street Revitalization Project has been ranked first out of seven projects submitted to the Northwest Regional Planning Commission for grant funding from the Appalachian Regional Commission.

The ranking makes it more likely that the project will receive $250,000 in requested funding.

The revitalization project was the only one submitted from Lawrence County and competed with projects from the eight-counties that the planning commission serves.

The revitalization would create a community plaza with a stage for free public performances and a permanent, roofed farmer’s market, as well as street improvements.

The $1.5 million project is estimated to create 50 to 100 jobs and has other funding commitments from the Hoyt Foundation, Ellwood City, the Department of Community and Economic Development and private sources.

Final word on the ARC award is not expected until next summer.