The Butler County pension fund rose by more than $3 million since June 30.

The pension fund, which is mainly in the form of investments, increased from $185.7 million to $189 as of Friday.

Consultant Jennifer Kasprack with the Pittsburgh branch of the Bogdahn Group said at the county retirement board meeting Tuesday the market exceeded expectations this year.

“This summer has been phenomenal,” Kasprack said.

County Controller Ben Holland, who sits on the retirement board with the three county commissioners and treasurer, agreed share prices increased over a longer stretch.

“It's been one of the longer bull markets,” Holland said in an interview.

The pension fund has steadily increased throughout the year, starting at $175.9 million in January. In April, the number reached $179.3 million.

County Treasurer Diane Marburger explained the fund's continued growth was due to the diversification of investments.

“It is a benefit to the plan,” Marburger said in an interview. “You're not having all your eggs in one basket.”

Holland cited some examples of that diversification benefiting the county.

“Low volatile stocks have done tremendously well this year,” he said. “We added high yield bonds.”

Holland said during the meeting that the pension plan is in good shape with the funded ratio at 88 percent.

“Anything above 80 percent is considered healthy,” he said.

According to the county's actuarial report, the funded ratio dropped to 70 percent in 2009, which followed the 2008 economic downturn.

The funded ratio has risen since then.

As with former Controller Jack McMillin, Holland, who took office in 2014, has stressed the importance of the county making sufficient contributions into the fund.

Any percentage below 100 percent means that difference is not readily available to cover all current and future retirements.

The state, some school districts and other government entities have let their funded ratio drop to much lower percentages.

As of June 30, there were 583 retirees or beneficiaries receiving monthly payments, averaging a total of $874,640 each month.

There are 576 members enrolled in the plan. So far this year, 18 workers retired.