November 5, 2008
Assets fall at ME's public employee retirement system
By Whit Richardson
Assets at the Maine Public Employees Retirement System in Augusta fell 1.5% to $10.54 billion for the fiscal year ended June 30, according to Pensions & Investments newspaper.
The system's assets fell from $10.7 billion to $10.54 billion as a result of the financial crisis. The system's investment portfolio fell by 24% to 28% in the first 10 months of 2008, according to the newspaper. "The market went down a lot in October but has come back up by more than 10% since then," Andrew Sawyer, the system's chief investment officer, told the newspaper. The loss since the start of 2008 is estimated at $2.4 billion to $2.7 billion.
The system is expected to publish its financial statement for the past fiscal year in the coming weeks, the paper said.
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