Fresno’s stormy pension fund will see new administrator
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Fresno’s stormy pension fund will see new administrator 19 April 2012Fresno Reporter: Georgina Lavers
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Fund administrator Phillip Kapler will supervise Fresno County's $3.1 billion pension fund.
Kapler will replace Roberto Pena as head of the Fresno County Employees' Retirement Association on 1 July on a salary of $135,000.
The fund has been strapped for cash in recent years, requiring huge subsidies from the county. In the next fiscal year, the county expects to contribute $220 million to the fund to keep it whole.
Kapler said he would bring a creative approach to reducing the county's liability while assuring retirees their just dues, adding that he was looking forward to moving into the area from Minnesota.
"Fresno looks like a great community, a nice environment. I'm looking forward to not throwing snow over my head at the end of my driveway for four months of the year."
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