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Carbon retirement fund takes 18% hit

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Published July 22. 2022 02:45PM

Carbon County’s retirement fund has taken an 18% hit since the beginning of the year, officials said.

On Thursday, Mark Sverchek, county controller and secretary to the retirement board, reported that the portfolio value as of July 15 was $82,823,119, slightly higher than it closed on June 30.

“There’s a little uptick there, which was good to see,” Sverchek said.

The county portfolio, which funds county retirees’ pensions, ended 2021 with a balance of $98.8 million.

Sverchek said the 18 percent drop is the current trend with what other funds have had across the country due to the very volatile market.

“I think with our well diversified portfolio, I think we’ve done better as far as not a decrease as large as some other funds,” he said.