Published Friday, June 7, 2002
WHEATLAND
Borough hopes police pension switch will end annual subsidiesFor the past several years, Wheatland's police pension fund has been considered underfunded and council has had to pay upwards of $6,000 a year to bring it to a satisfactory level.
Council hopes transferring the fund from a private company to the Pennsylvania Municipal Retirement System will eliminate the need for the subsidy.
Council agreed Wednesday to buy out the pension fund from Protected Home Life and transfer it to PMRS.
The borough's non-uniform pension fund already is with PMRS.
The police pension fund has a cash value of about $104,000, said borough secretary Sharon Stinedurf.
The transfer is not free. Council has to pay about $8,000 over two to three years to bring the fund up to snuff, but after that the borough should only have to pay $20 a year for administration, Ms. Stinedurf said.
The fund has one beneficiary, former Police Chief George Keryan, who is a councilman.