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Sink: Pension Fund Is Sound

March 20th, 2009 by flanews

The economy is taking a huge toll on Florida’s pension fund. The fund dropped about 20 percent of its value over the past year. Still Florida’s fund is among the healthiest pension plans in the nation, because it held an eight billion dollar surplus before the economy went south. Florida’s Chief Financial Officer Alex Sink says retirees depending on the fund shouldn’t worry.

“The pension fund is very sound and certainly they’ve taken a hit just like anyone else’s investment portfolio has taken a hit over the last year, but fortunately here in Florida we started off in an overfunded position so we had a cushion to begin with,” said Sink.

If the fund drops too much, city and county governments could be asked to put more money into the system. CFO Sink says she doesn’t see that happening anytime soon.

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