Teacher retirement fund loses another $13 billion
The state Teacher Retirement fund, which stood at more than $103 billion two years ago, was worth $75.3 billion at the end of last year, a fund spokesman said today.
Spokesman John Cardillo said the teacher fund, which covers most teachers and other school employees in districts outside New York City, said the fund was at $88 billion in September.
He said he didn’t want to characterize how the board felt about the most recent drop in the value of the fund, which occurred as the national economy continued to struggle.
“We’re managing the market volatility as best we can,’’ he said.
The performance of the fund affects how much money taxpayers have to pay into it. The recent drops will be reflected in the bills school districts receive from the fund in September of 2010, he said.
That figure will be set in July.
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the teachers union made the same bad choices that other
greedy investors made…instead of preserving their
assets they chose to play the markets….taxpayers
are not going to make up the difference..and teachers
are going to have to take their losses just like
everyone else in the economy