Andes -
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Published on: 3/1/2004
Last Visited: 3/3/2004
Don Williamson, president and chief executive officer of ASCO Financial in Kingston, the fund manager, said the first quarterly update should start in April.
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Williamson said at least $4.5 million of that loss stemmed from costs associated with a 2001 early retirement incentive.Williamson has said payments to retirees increased about 30 percent because of the additional 149 retirements.
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Urban said Williamson agreed to put the information on a computer disk but backed down and never supplied the information.
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"I'm actually looking forward to it," Williamson said.
Williamson said his mission is continuing to make sure the fund makes enough money to fund retiree cost-of-living increases without public subsidy.Hired to manage the fund in 1988, Williamson said it hasn't required countyfunding since 1992.
Williamson, who donated nearly $11,000 to majority commissioners' campaigns since 1995, said he bases the selection and retention of money managers on their performance.
"I never once hired or fired a manager because of campaign contributions.That's ludicrous," Williamson said.
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Williamson said the money managers are paid half a percent or 1 percent of the assets they manage annually.
He said ASCO financial also receives half percent of the total funds managed, which would be about $870,000 for a fund of $174 million.
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Don Williamson, one of the Luzerne County money managers, said interested parties approach Retirement Board members on their own and then obtain three signatures to be hired as money managers.
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Don Williamson of ASCO Financial, the financial consultant overseeing the pension fund, has attributed that loss to the declining stock market and pay-outs associated with a 2001 early retirement incentive.
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Donald Williamson, who has donated $12,050 to majority commissioners since 1995.
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Donald Williamson, president and chief executive officer of ASCO Financial in Kingston, has a contract with Luzerne County as a financial consultant to provide guidance and advice for the $154 million pension plan.
County Controller Steve Flood said records show Williamson also directly manages $69.4 million of the county's pension fund for Provident Mutual and Wells Real Estate, and manages another $1.37 million with FSC Securities
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The exact fees paid to Williamson and other money managers hasn't been calculated by the controller's office yet.
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Williamson declined to detail his fees.
He also backed away from his label as the county's financial consultant, saying he is solely a money manager.
He said top county officials - including Retirement Board members and majority Commissioners Tom Makowski and Tom Pizano - have wrongly identified him in public as their financial adviser.He said he's done nothing more than provide advice and help the board select money managers and monitor their performance as a favor without additional compensation.
Pizano described Williamson as a financial adviser about two weeks ago, saying he is comfortable with the overall fund performance because it is being monitored and watched by ASCO Financial.
Williamson has also portrayed himself as the county's financial adviser in recent months at public meetings and recently delivered an overall presentation of the plan.
"I don't see a conflict anyplace," Williamson said.
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the plan - including the chunk managed by Williamson.
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The local Provident Mutual representative handling that account was Donald Williamson.
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The roster should include former county Commissioners Frank Crossin and Joseph "Red" Jones, majority Commissioners Tom Makowski and Tom Pizano, and Don Williamson of ASCO Financial, Flood said.
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But research by Flood and Urban revealed Williamson also was managing or co-managing $70 million of the pension fund.
Williamson described himself as a money manager who provided guidance of the overall plan for no additional charge.
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The web benefited their allies, including money managers Mike Joyce of the Joyce family and Crossin ally Don Williamson of ASCO Financial.
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