Wednesday, November 26, 2008
The slipping financial markets have taken their toll on the state’s pension funds. The state employees' pension fund lost $4.3 billion dollars from July through September and the state teachers' fund lost eight billion during the same period and nearly 17% in the last year. Officials say those numbers could get worse. Pennsylvania State Employees Retirement System Spokesman Robert Gentzel says the losses were in line with what other pension funds are reporting for the same period. Lost revenues will have to be made up by taxpayers if the losses aren't turned around quickly - which given the current volatility of the financial markets, Gentzel says, doesn't appear likely.