Guided by the strategic priorities of fiscal management and excellence in governance, the Chester County Retirement Board recently concluded a review and negotiation of investment manager fees relating to the county’s pension fund. The review resulted in an estimated annual savings in excess of $370,000.
County Controller Norman MacQueen, secretary of the County’s Retirement Board said: “Financial growth in an investment fund should result in a lower fee structure. Knowing this, the Retirement Board asked our investment managers to review their agreements with the county, to see where reductions in fees could be made. The result was hundreds of thousands of dollars in savings.
“Controlling investment expenses will help us maintain our already solid funded ratio,” he added.
The role of the Chester County Retirement Board is to oversee the county’s pension fund investments to ensure they are performing well to provide income security for retired county employees. The Board, comprised of the three County Commissioners, the County Controller and the County Treasurer, meets regularly with contracted investment managers to review the performance of the pension fund, currently valued at over $400 million.
“Chester County’s financial strength is a result of many years of sound fiscal management and an on-going effort to be transparent and accountable to citizens,” noted Controller MacQueen. “It is prudent to continually review the costs associated with county investments to determine where we can save taxpayer dollars, and when we find ways like this to cut costs, the County can direct the additional funds into other services for our residents.”