Commissioners Made Aware Of “Suspicious Transactions” Regarding Outside Pension Planners

(Matt Drzik/Beaver County Radio)

A business that offered a 457B  plan outside of the established pension plan for Beaver County employees is the subject of a lawsuit brought on by the Department of Labor regarding what Beaver County Solicitor Garen Fedeles referred to as “suspicious transactions” when making the public aware of this news at Wednesday’s work session for the Beaver County Commissioners.

According to Fedeles, the former River’s Edge Wealth Management oversaw the 457B pension plans of approximately 120 current and retired County employees; elective plans that were not part of the required pension plans that County employees must participate in.

An RFP (request for proposal) is currently being drafted to find a new suitor for the 457B plans to be offered to County employees following the dissolution of River’s Edge. Fedeles stated that the RFP is due by March 1.

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