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Pension Fund CAT Fund Rebounding

September 1st, 2009 by flanews

The states pension fund is making a rebound after losing nearly 20 percent of its values last year.

The fund that pays benefits to retired government employees fell to 83 billion dollars last year. Now theres 106 billion dollars in the investment fund. The states catastrophe fund is also improving. Chief Financial Officer Alex Sink said if a hurricane struck tomorrow the state could borrow billions of dollars to help pick up the pieces.

The markets have improved, so if we had to go out and bond, the expectation is six months ago, we thought we could only get three billion dollars in the market. Today, they think that we could get as much as eight billion dollars. So, that’s all good news about reducing the peoples’ exposure to the impact of big hurricane, said Sink.

The financial updates came after Sink called for more transparency and oversight of the states investments. Today was the first of several meeting to be held four times a year.

Posted in Hurricane Season, State News | 1 Comment »

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