Pa. Schools' Pension Fund Discloses Big Losses
HARRISBURG, Pa. (AP) - Pennsylvania's school employees pension fund lost nearly 27 percent on its investments in the year that ended June 30.
The Public School Employees' Retirement System said Friday that the losses would have been worse, but it earned more than 9 percent in the final three months of the period.
It's responding to the national economic downturn by reducing the portion of its money that's invested in global equities and increasing its proportion of cash on hand.
The fund's annualized return over the past 25 years averages 9.2 percent.
At the end of June, the fund had $43 billion in assets. It serves nearly 273,000 active school employees and 177,000 retirees.