Market gains boost county pension fund
Washington County's pension fund managed by INVESCO earned $5.4 million last year, riding a stock market surge.
A 24.8 percent investment gain helped propel the county's pension fund to $27.8 million on Dec. 31, 1997, said portfolio manager Mike Harhai.
The fund has risen another $1 million since the beginning of the year, he said.
The county's portfolio is 71 percent invested in stocks and 29 percent in bonds and other securities.
The stock portfolio returned 34.3 percent, versus 33.4 percent for the S&P 500. Only one in 10 mutual funds beat the S&P last year, Harhai said.
The bonds and other securities returned 9.1 percent, compared to a 9.8 percent gain for the Lehman Bros. bond index.
Harhai said he didn't expect the stock market to continue at its current torrid pace. The high investment returns over the past few years mean the county won't have to spend as much money on pensions in the future, he said.