Gonna have to BORROW MORE $$$, 'eh, Massachusetts?
"Pension fund posts first loss in 5 years; But state remains in top tier nationwide" by Jenifer B. McKim, Globe Staff | August 5, 2008
The state pension fund did it again.
The agency that runs the retirement fund for state employees and retirees said yesterday its investment returns for the most recent fiscal year put it in the top tier of public pension funds nationwide. It achieved that by managing to lose less money than other funds.
The Massachusetts fund recorded a 1.8 percent loss for the 12-month period that ended June 30, and for much of that time the fund was earning money until investment markets worldwide fell steeply in the last month.
This is the first time in five years that the Pension Reserves Investment Trust Fund registered negative returns, Cahill said. The fund's performance was pulled down by poor returns in two of its 10 asset classes - domestic and international stocks, down 15 percent and 9 percent, respectively.
--MORE--"
The rest of the piece goes on to say how well they did in relation to others.
You still LOST MONEY, guys!!!
And WHO do you think is going to make up the difference, taxpayers?
