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State Pension Fund Down 38 Billion Dollars

November 17th, 2008 by flanews

The state pension fund lost a third of its value over the past year. As Whitney Ray tells us, people who depend on the state for their retirement are worried about their financial future.

Around this time last year The State Board of Administrations assets totaled 187 billion dollars. Today, theyre down about 30 percent, a value loss of 62 billion.

Weve preformed comparable to some of the other pension funds throughout the United States, and much better than some of the indices that are commonly reported on, said SBA Spokesman Dennis MacKee.

The SBA manages 34 public investment funds and is responsible for paying retirement for state employees.

The state pension fund took the biggest blow. In the last year the fund lost 38 billion dollars. The news concerns retired state employees like Joyce Raichelson who depends on the pension fund for part of her income.

You want to be comfortable; you dont want to have to worry. There should be a time in your life when you eventually dont have to worry, said Joyce.

The always optimistic Governor Charlie Crist said the funds will rebound.

Were looking for the economy to turn around and inevitably it will and I think the comfort people can take is the fact that sooner or later thats going to happen, but those kind of funds all around the country are where they are, and Floridas a lot better off than most, said Crist.

The state pension fund is still worth more than a hundred billion dollars. If it ever went belly up taxpayers would be on the hook to pay state benefits. An SBA spokesman says the boards investments are conservative and diverse enough to weather the Wall Street storm.

Posted in Business, Charlie Crist, State Budget, State News | 2 Comments »

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