Wvw's Fund Balance In Black

Anna Mosley

By BONNIE ADAMS badams@leader.net
 Wednesday, January 15, 2003 &nbsp;&nbsp;&nbsp;&nbsp;Page: 8A 





WILKES-BARRE - The Wilkes-Barre Area School District's contribution to the
Pennsylvania Public School Employees' Retirement System is expected to triple
to about $650,000 in the coming school year. &nbsp;&nbsp;&nbsp; 
 The School Board at Tuesday night's work session discussed the notification
the district received that it will have to pay 3.77 percent of its payroll
into the pension fund. &nbsp;&nbsp;&nbsp; The same increase will affect school districts throughout the state
starting in July. Districts are being asked to contribute more because of
billions of dollars in investment losses in Pennsylvania's school pension
fund. &nbsp;&nbsp;&nbsp; 
 Superintendent Jeff Namey said after the meeting that he has no idea how
the district will pay for the increase. District Business Manager Ralph Scoda
said the district this year is paying 1.15 percent of its payroll or about
$218,000 to the retirement system. &nbsp;&nbsp;&nbsp; 
 Originally the district had been told it would have to pay $900,000 this
academic year, but that did not happen. "We got a break," Namey said. &nbsp;&nbsp;&nbsp; 
 In other business, the School Board discussed buying terrorism insurance at
a cost of $8,392. Scoda explained that terrorism is usually an exclusion on
insurance policies, but the special insurance is being offered as part of the
Terrorism Risk Insurance Act of 2002. The board has until Feb. 4 to purchase
the coverage. &nbsp;&nbsp;&nbsp; 
 Board member Ellen Smith questioned whether the insurance would cover
district property if terrorists attacked the nuclear power plant near Berwick.
Namey asked whether the insurance would include coverage for biological
terrorism such as smallpox. &nbsp;&nbsp;&nbsp; 
 Scoda said the insurance would likely cover physical damage to district
property. Board member John Corcoran said he doesn't know if spending the
money for terrorism insurance is a good idea in light of budget constraints. &nbsp;&nbsp;&nbsp; 
 The School Board could vote on the insurance at its regular meeting
scheduled for 6 p.m. today. &nbsp;&nbsp;&nbsp; 
 Bonnie Adams, a Times Leader staff writer, may be reached at 829-7241. &nbsp;&nbsp;&nbsp; 
 &nbsp;&nbsp;&nbsp;

W-b Area Payments To School Pension Fund Skyrocketing