Tuesday, January 13, 2009

Bloomberg.com: Worldwide

Bloomberg.com: State pension funds lose $865 billion: "Jan. 13 (Bloomberg) -- State governments from Rhode Island to California have run up estimated pension-fund losses of $865.1 billion, forcing some to cut benefits for new hires.

Assets for 109 state funds declined 37 percent to $1.46 trillion over the 14 months ended Dec. 16, according to the Center for Retirement Research at Boston College. The Standard & Poor’s 500 Index of stocks fell 41 percent in the period."

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This is grim--the baby boom retirements are just starting.

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