Westmoreland County’s pension fund exceeded $500 million for the first time, officials announced Wednesday.
The fund, which pays benefits to more than 1,300 retired county workers, was valued at $521 million at the end of December, finishing a roller coaster year that saw the account lose about $68 million through March then dramatically rebound over the final three quarters of 2020.
After starting the year with $472 million in the bank, the retirement account took a sharp downward turn as the economy plunged early in the coronavirus pandemic. The fund’s value dipped to $404 million after the first three months of the year.
It earned back all of its losses over the next eight months and reached its highest level by year’s end.