State pension funds take billion-dollar hits
SANTA FE – New Mexico’s two large public retirement systems have already taken billion-dollar hits from a steep market downturn caused by actions taken in response to the coronavirus pandemic.
But the leaders of both pension funds say investment portfolio changes made in recent years have positioned the funds to ride out the storm – however long it lasts – and keep paying out benefits to retirees.
“We’ve lost money – every investor has – but we could have lost a lot more money if we hadn’t taken a more defensive position,” said Wayne Propst, executive director of the Public Employees Retirement Association.
He said the retirement fund’s value has dropped from about $16 billion in January to about $14 billion as of this week, though the market is fluctuating daily.
Read more: https://www.abqjournal.com/1437652/state-pension-funds-take-billiondollar-hits.html
