DiNapoli sees more pension-fund losses
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- March
- 2
Remember that the state pension fund lost about 20 percent of its value between last April and December? That might look good compared to what’s happened so far this year, Comptroller Thomas DiNapoli said today.
“I’m anticipating a very significant loss,’’ DiNapoli told school-board officials at a conference here.
He said he couldn’t provide a specific figure since data is being collected and a final count will await the end of the state fiscal year at the end of the month. But he pointed out that markets in which the fund (valued at about $120 billion at the end of December) has investments have continued to tumble, and that the value of other assets like real estate and private-equity holdings have fallen as well.
Falling fund assets will eventually mean higher taxpayer costs to pay for the pensions of state and local-government workers, but not right away. Costs to taxpayers have already been set for this year and next, but DiNapoli has said that increases in later years are likely.
He added that if the economy doesn’t turn around, “we could be looking at multi-year increases.’‘
This entry was posted
on Monday, March 2nd, 2009 at 1:22 pm by Jay Gallagher.
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