Kentucky is reporting that losses to the state employee pension fund in recent stock market volatility weren’t as severe as first thought.
The Kentucky Retirement Systems financial portfolio fell $500 million between June 30 and Aug. 9. Last week, KRS had calculated the losses for the period at $1.7 billion. That figure was inflated, according to a statement, because it was based on preliminary totals.
Volatility in the financial markets had hit pension funds hard in several states, including California, which lost some $18 billion over the same period.
From the Associated Press