Pension fund plunges 26 percent
-
- May
- 29
The value of assets held by the state pension fund plunged 26 percent last year, to $109.9 billion, Comptroller Tom DiNapoli said today.
The drop will mean higher contributions from taxpayers will be needed in 2011 to keep paying pension benefits to retirees of state and local governments, he said.
He attributed the drop to the international economic downturn.
“Like everyone who has seen the value of their investments decline, we’ve felt the weight of the global economic crisis,’’ he said.
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on Friday, May 29th, 2009 at 9:58 am by Jay Gallagher.
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Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He`s a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 1 championship, the Yankees 0. 
Cara Matthews has been a statehouse correspondent in the Albany Bureau since August 2005. Prior to that, she covered Putnam County government and politics at The Journal News for nearly five years. Before that, she worked at newspapers in Connecticut and covered the state Legislature for one of them. 
