Montco changes investment strategy in employee pension plan

Margaret Gibbons of The Intelligencer reports:

Montgomery County is restructuring the way that the county employees’ pension plan is handled.

This restructuring will save the pension plan more than $1 million in fees each year, according to Commissioner Chairman Josh Shapiro.

The three county commissioners, along with the county controller and the county treasurer, sit as the pension board overseeing the plan that has about $452 million in its coffers. There are 1,709 former employees drawing a pension from the plan while 3,285 employees are contributing to it.

Under the restructuring, the pension board is eliminating a consultant and 12 to 15 money managers who each managed a portion of the fund.

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