NM Pension Funds Lost $2B During Last Quarter
New Mexico – SANTA FE, N.M. (KRWG) New Mexico's pension funds for government workers and educators lost more than $2 billion in the past quarter because of a downturn in financial markets.
A report by the Legislative Finance Committee said the value of assets in the Public Employees Retirement Association's pension fund dropped $1.3 billion from July through September. It had a negative 10 percent investment return for the quarter.
The PERA fund was valued at $10.8 billion at the end of September.
The Educational Retirement Board's pension fund lost $831,000 and had a market value of $8.7 billion at the end of the quarter. The educational pension had a negative investment return of almost 8 percent for the quarter.
Copyright 2011 The Associated Press. KRWG