The Butler County pension fund has hit a new high, rising to nearly $173 million as of Monday.

The fund, which is mostly in the form of investments, rose from $169 million in November to $172.9 million.

During the county retirement board Thursday, Controller Ben Holland pointed out the fund crested.

“The pension fund is the highest it’s ever been,” Holland said.

The fund rose roughly $22 million from a year ago, when it totaled more than $150 million.

County Treasurer Diane Marburger credited the fund’s growth to the asset allocations.

“We’re diversified,” she said in an interview.

Marburger said the fund is healthy, reaching roughly the 84 percent level.

The retirement board also discussed altering the pension mortality tables, so monthly payments would be lower and spread out longer.

The board deferred taking any action until the details are finalized.

Marburger said in the interview the move is needed because people are living longer, so there is a potential for a retiree to run out of money if the payments aren’t reduced.

The county still is waiting for the Hay Group, the fund’s actuary, to establish exactly how much money needs to be placed in the fund to account for possible retirements in the event the Sunnyview Nursing and Rehabilitation Center is sold.

The county is negotiating with Investment 360 of Lakewood, N.J., to buy the nursing home.

As of Dec. 31, 782 county employees were enrolled in the pension plan with 473 retirees or beneficiaries receiving monthly payments.

In 2013, the county paid an average of $601,753 each month, or an average of $1,272 per recipient.