Published: July 18, 2008 04:12 pm            

Firefighters’ and police officers’ pension fund receives a boost

Clark County agencies receive $84,489

Breakdown of disbursements

• Jeffersonville: $62,972.25

• Clarksville: $16,884.71

• Sellersburg: $2,720.55

• Charlestown: $1,911.62



Clark County will receive $84,489.13 for the local police officers’ and firefighters’ pension funds.

State Treasurer Richard Mourdock, secretary-investment manager of the Public Deposit Insurance Fund, is in charge of overseeing how the $13.5 million semi-annual disbursement is divided, according to a news release from the state.

The annual interest earnings from the fund are distributed to Indiana municipalities to help pay pre-1977 police and fire pension liabilities. After 1977, police officers and firefighters were covered by the Public Employee Retirement Fund.

The Jeffersonville Police Department received the largest chunk of money at nearly $63,000. The Clarksville Police Department received nearly $17,000.

“Through careful investing of the (fund), I was pleased to do my part in providing $13.5 million to the Police and Fire Pension Relief Fund,” Mourdock said in the release. “Local municipalities are now receiving their share from the relief fund for their pension commitments to our local police officers and firefighters.”

The fund was created in the 1930s to insure public funds on deposit in Indiana banks in the event of bank failure. At the end of fiscal 2007, the fund had $314.39 million in assets and was deemed large enough to be actuarially sound.

More than $59 million in interest income has been distributed to 129 communities statewide since 2001.

        

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