The Washington County Retirement Board renewed its contract with Peirce Park Group Inc., based in West Chester, Chester County, for investment management consulting services for the next five years.
During the first three years of the annual contract, county taxpayers will foot the bill for $80,000 annually. The contract will cost $82,500 in the fourth year and $85,000 during the final year.
Peirce Park representative Lee Martin informed the five-member board, which is comprised of the commissioners, controller and treasurer, that its pension investments now total $132 million.
Gene Natali Jr. of C.S. McKee investment managers told the board that its equity investments have experienced gains of more than 20 percent, a pace that he considers “unsustainable” and rivaling the growth of the technology industry in the 1990s.
The vast majority of Washington County retirees have annual pensions of less than $40,000. The county, by state law, is required to provide a defined-benefit plan.