Fresno’s stormy pension fund will see new administrator
19 April 2012 Fresno
Image: Shutterstock
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."
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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