In today's Politico, E.J. McMahon and I expand on our recent blog items about what the market's decline is doing to public pension fund assets. We focus on California and New York, though reports are filtering out around the country of funds giving back some or even most of their recent gains. Earlier in the week the Associated Press reported that Florida's pension funds have lost some 7 percent of their value just since June 30. Rhode Island's investment portfolio, consisting mostly of pension assets, declined by 3 percent in just one day when the market tanked on Aug. 8th, and the fund has been on a rollercoaster ride since then. The state's investment assets, which peaked at $8.4 billion in 2008, are about $6.5 billion now. And so it goes with other states, too.
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