PDF: Hamilton County resolution
After initial hesitation, Hamilton County is diving into the stock market to help fund employee retirement benefits, according to the county’s finance director.
Louis Wright, the county’s administrator of finance, said the county either must record the benefits as a liability or set aside money for them in a trust fund.
The county will put $1.6 million a year into a fund that eventually will pay for all health insurance claims for retirees which, at the moment, are coming out of the county’s general fund, he said.
On June 2, the county hired BB&T Asset Management to invest the money in the fund.