County to change pension advisers
BY STACI WILSON
The Susquehanna County Retirement Board opted, at the Wednesday, Feb. 245 meeting, to terminate its contract with the Seneca Group, the investment managers that have been handling the county’s pension fund for over six years.
The three county commissioners, County Treasurer Cathy Benedict and Chief Clerk Sylvia Beamer sit on the pension board.
Benedict was not present at the meeting.
Commissioner Michael Giangrieco asked, “Is anyone comfortable with (the Senca Group’s) recommendations?”
Commissioner Alan Hall said he was concerned over the fees associated if the county moved forward with the suggestion to invest some pension funds in the futures market.
“(The fees) would have cost the county a ton of money,” Hall said.
Giangrieco made the motion, which passed with a unanimous vote, to notify the Seneca Group in writing of the county’s decision to terminate service.
The pension board also voted to start the process necessary to make the transition of the pension account to Brinker Capital.
Giangrieco said he had been impressed with the proposal submitted to the county by Brinker Capital.