The Butler County pension fund increased by more than $5 million since the end of 2012, rising to more than $150 million.

The fund, which is mostly in the form of investments, has been steadily growing since dropping to $130 million last May.

County Controller Jack McMillin said the pension fund continues to fare better than other government pension funds.

“We’re doing very well,” he said at the county retirement board meeting Thursday.

The retirement is comprised of the county controller, treasurer and three commissioners.

McMillin said the county, which makes annual contributions into the fund to keep it healthy, is closing the funding gap.

“We’re moving toward the 80 percent level,” he said.

However, McMillin said stock market volatility could prevent that goal from being reached.

“It wouldn’t take too much of a bad hair day,” he said.

Upon the advice of county consultant Roger Raulin of Raulin Inc., the retirement board approved moving 50 percent of the plan’s fixed income assets, which total $20 million, to shorter duration fixed assets.

Raulin explained rising interest rates, which will occur after having bottomed out, adversely impact the value of bonds with longer terms.

He said switching to bond funds with shorter durations helps protect the value of the plan’s fixed income portfolio.

As of Dec. 31, there were 790 county employees enrolled in the plan with 442 retirees or beneficiaries receiving monthly payments.

The county in 2012 paid an average total of $523,363 each month, or an average of $1,184 per retiree or beneficiary.