Options Investigated For County Retirement Fund
Keeping their options open, the Fulton County commissioners continued talks this week with companies interested in managing the county’s retirement fund.
Ron Freschle accompanied by senior portfolio manager Warren Hurt of F&M Trust appeared before commissioners Rodney Mc- Cray, Craig Cutchall and Irvin Dasher Tuesday afternoon in hopes of once again taking over the management of the pension account. F&M Trust had served as manager and custodian of the county’s retirement in the past, but the investment management portion of the account was turned over several years ago to C. S. McKee.
Freschle and Hurt gave the newest board of commissioners an overview of their own history as well as the background of F&M Trust. Hurt noted he and Freschle use a “team approach” to accounts in combining what the client’s needs and wants are with the state of the economy and market.
Hurt said it was his hope F&M can regain the county’s investment management thereby eliminating C.S. McKee from the picture. The county’s current portfolio was then reviewed by the senior portfolio manager including holdings for the end of the 2012 calendar year.
“Your portfolio was built for a roaring, strong economy,” Hurt stated. “We just have not had that over the last three years.”
In the meantime, Freschle agreed to provide the commissioners with a handful of recommendations or references from other pension plans overseen by F&M. Hurt concluded a takeover of the account could take place almost immediately within the coming weeks in the event the commissioners agreed to switch account managers.
In other business, the commissioners agreed to convey a judge’s bench currently used by Magisterial District Judge Wendy Mellott to the Mercersburg judge’s office of Jody Eyer, whose staff was expected to look at the bench later in the day. In the event a conveyance is to occur, the commissioners will be required to execute a resolution.
Business manager Tim Stanton recommended to the commissioners establishing a new contract with Maximum Consulting for the completion of an indirect cost allocation plan. The proposed fee for a five-year contract is $4,800 annually.
A 40-minute executive session was held to discuss personnel-related matters. No action was taken upon reconvening.
Liquid fuel funding applications were approved as submitted by Brush Creek and Licking Creek townships. Brush Creek is slated to receive $1,118, while Licking Creek will get $1,620.
A general sales agreement in the amount of $580 was penned with Tele-Plus for additional security work to be completed at the Sheriff’s Office.
During a sitdown with EMA/911 Director Ruth Strait, the commissioners renewed a contract with EP&S of Vermont for hazmat emergency response services.