November 24, 2008
Maine pension fund drops $3B
By The Mainebiz News Staff
Maine's pension fund has lost $3 billion since July thanks to declines in the stock market.
The Maine Public Employees Retirement System, which supports retirement for some 90,000 members, has watched its assets drop from $10.5 billion three months ago to $7.6 billion in November, reported the Associated Press. The loss since the start of 2008 has been between $5.3 and $5.6 billion, according to data in Pensions and Investments newspaper.
In related news, the state recently said the general fund shortfall for the current fiscal year will be $140 million, the AP reported.
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