Market Swings Cost State Pension $1.7 Billion

by admin on August 12, 2011

The pension plan for state employees has lost $1.7 billion in recent weeks because of upheavals on Wall Street.

The overall value of the pension plan fell from about $11.4 billion on July 1 to about $9.7 billion this week.

Volatility in the financial markets has taken even larger tolls in some other states, including California, which has lost some $18 billion over the same period.

From the Associated Press

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