STATE PENSION FUND TUMBLED $4.5 BILLION IN FOURTH QUARTER
By Michael P. Norton
STATE HOUSE NEWS SERVICE
BOSTON, FEB. 7, 2019.....The turbulent financial markets of 2018 were a bummer for many investors and the state pension fund did not escape the damage, which amounted to $4.5 billion in the fourth quarter.
Meeting in Boston on Thursday, members of the Pension Reserves Investment Management Board's Investment Committee were briefed on the reasons why the pension fund's balance dropped last year to $69.3 billion. State employees, teachers and many municipal employee retirement funds in Massachusetts are invested through PRIM.
The fund, which is supervised by a nine-member board, has 45 employees and works with professional investment firms, was stung by a dismal fourth quarter that rivaled quarterly losses last seen in 2010 and 2011.
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