COLORADO SPRINGS, Colo.—Retirement plan officials say a pension fund for El Paso County employees needs $4.7 million to stay operational.
Officials told county commissioners on Monday the fund lost $88 million, or 29 percent of its value, since October 2007 as more money was paid out than was contributed into the retirement plan. The fund also posted a one-year loss of 16.2 percent in its investments.
The retirement plan covers 3,680 employees, beneficiaries and retirees in the county. More than $3 million is expected to be paid out this year. Retirees are guaranteed a certain amount regardless of market performance.
Retirement board member Joe Breister says the pension board may request more money from the county’s 2010 budget.
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Information from: The Gazette,
