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Florida Pension Fund Value Drops 25%

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Nov 17, 2008 1:24 pm US/Eastern

Florida Pension Fund Value Drops 25%

TALLAHASSEE (CBS4) ― If you have retirement money in Florida's state pension fund, there is a lot less money to pay future pensions than there was a year ago – almost $38 billion less.

The State Board of Administration said the pension fund was worth just over $100 billion October 31st. That $37.9 billion less than it was 13 months ago.

What's more, that's not the only state fund to have sustained billion dollar losses. The board administers 34 public funds, and in all they have lost $62 billion dollars in value over the last 13 months.

Board spokesman Dennis MacKee says SBA funds are invested for the long term to survive market losses. An annual assessment showed the pension fund with a 7 percent surplus in June, one of just a few public retirement systems on the positive side.

About 1 million public employees and their families are covered by the fund.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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