Connecticut’s state treasurer says its pension fund has lost 23 percent of its market value since July, but remains in better shape than those in many other states.
State Treasurer Denise Nappier told lawmakers today that unusually high returns in recent years are helping cushion the loss, including 17.5 percent in the 2007 budget year.
The pension fund provides benefits to more than 160,000 state and municipal workers and retirees, including teachers.
The fund’s dip reflects the economic upheaval that has damaged investments nationwide. However, Nappier says Connecticut is having no problems meeting its pension payout obligations and that the fund is outperforming longterm expectations. (AP)
