The Starke County Council will be funding a shortfall in the county’s contribution toward the Sheriff’s Merit Officer Retirement Pension.
As explained by Merit Board Officer Ed Troike, the county’s required contribution experienced a shortfall in 2018 and has a shortfall in 2019. By law, Troike says the county can’t underfund the Retirement Pension contribution for three consecutive years.
The funds come from casino money, earned interest, officer’s contributions, and processing fees from golf cart registration and the county council.
The number funded by the county fluctuates every year depending on the other entities’ contributions as it constantly changes.
Troike and County Council President Dave Pearman admitted that the process is a little complicated, as it is with most counties in the state. In answering a question from Councilman Howard Bailey on how the county fell so far behind this year, County Attorney Marty Lucas explained that there are a lot of factors to consider to where an exact amount cannot be budgeted.
“You can only project what the number will be because there are so many variables including staffing, the amount they’re being paid, their ages, and probably the biggest one is the performance of the investments in the market. You don’t know,” stated Lucas.
The required contribution for this year is $201,519 and the county has deposited $139,964 to-date. The shortfall is $61,554.
The council agreed to advertise the additional appropriation in the amount of $61,554 from the Jail CEDIT Fund to ensure that the contribution is current. The council plans to act on that additional appropriation request in December.
